RBC Trust (T&T) Ltd is poised to be­come the largest share­hold­er in MPC Caribbean Clean En­er­gy Ltd (MPC­CEL) af­ter mov­ing to con­vert its US$10 mil­lion con­vert­ible promis­so­ry note in­to eq­ui­ty.

The com­pa­ny’s board ap­proved an agree­ment on Feb­ru­ary 12 to fa­cil­i­tate the ear­ly con­ver­sion of the note in­to 10 mil­lion Class B shares. The promis­so­ry note, first is­sued in De­cem­ber 2020, had orig­i­nal­ly been sched­uled to ma­ture on March 31.

“Up­on con­ver­sion of the Note, the to­tal is­sued and out­stand­ing share cap­i­tal of the com­pa­ny in re­spect of Class B shares will in­crease from 26,944,861 to 36,944,861, which in­crease will re­sult in RBC hold­ing ap­prox­i­mate­ly 27 per cent of the out­stand­ing shares of the Com­pa­ny,” MPC­CEL chair­man José Fer­nan­do Zuñi­ga Galin­do not­ed