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24/12/21
17:03
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Under the new arrangements, the Noteholders have agreed to indefinitely forbear on their Convertible Notes for the duration of the proceedings which are currently underway against the Governments of the Republic of the Congo and the Republic of Cameroon.
If Sundance is successful in any of these proceedings and receives an award of damages, the Noteholders will be entitled to receive an agreed portion of any damages recovered as compensation for agreeing to the forbearance of their Convertible Notes.
Any amounts due to the Noteholders under the new arrangements will be paid after Burford has recovered its entitlements as the litigation funder under the Capital Provision Agreement (as announced by the Company on 3 May 2021). After these payments are made to the litigation funder and the Noteholders, Sundance will be able to use the net proceeds of any damages awarded in the arbitration proceedings in its absolute discretion.
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