1, September 2020: Schrole Group (ASX: SCL) (‘Schrole’ or the ‘Company’), an Australian education technology company, is pleased to advise that Faria Group ‘Faria’ has converted its Convertible Notes into [272,641,509] Ordinary Shares which represents a 19.86%* shareholding in Schrole. The conversion shares are subject to a voluntary escrow and holding lock for a period of 12 months from the date of issue.
On 13 May 2020, Schrole announced a partnership with Faria, representing a major milestone that is expected to transform the business. Faria is highly regarded in the global education sector with an extensive school network comprising over 3,000 international schools across 130 countries.
As part of the partnership, Faria invested $2.89m in Schrole via a Convertible Note. The Convertible Note converted according to the terms set out in the notice of meeting dated 2 June 2020 and approved by shareholders at a General Meeting on 2 July 2020.
Schrole welcomes Faria as its major strategic shareholder and continues to progress its joint integration and marketing activities.
On conversion of the Convertible Notes, Faria has the right to appoint one non-executive Director to the Board of Schrole.
Faria CEO Theodore King said: “The conversion to shares reinforces our commitment to the partnership with Schrole. We look forward to working with Schrole to deliver rapid product innovation in order to fully integrate the HR lifecycle from recruitment to onboarding and professional development,” he said.
About Faria Convertible Notes
The Convertible Notes, which were issued following shareholder approval, were convertible into Shares in the Company at the election of the Noteholder, or converted automatically if Schrole’s 60-day VWAP is equal or higher than 1.37c. The maturity of the Convertible Notes was 3 years from the date of issue, at which time any unconverted Convertible Notes would automatically convert into Shares at the conversion price.
Schrole delivers innovative, technology-based solutions for the education sector. The company has four revenue generating business units:
- ISS-Schrole Advantage for the international school market – an online Software-as-a-Service platform that enables international schools to streamline teacher recruitment and candidate management activities;
- Schrole Verify – a new global standard for background screening in the international schools sector;
- Schrole Cover – a cloud-based software platform that engages your preferred relief staff at the touch of a button; and
- Schrole ETAS – Schrole Education and Training Advisory Service provides accredited training solutions customised to the contexts in which our clients