Tuesday, March 18, 2008
LONDON (Thomson Financial) - Ashton Penney Holdings PLC said it has issued 336,000 stg worth unsecured convertible loan notes, which bear interest of 8.5 pct per annum and redeemable on or after January 3, 2011.
The proceeds will be used to provide further working capital and the conversion of other loans and amounts outstanding to loan notes to help strengthen the balance sheet, the company said.
The interim management specialist also said the loan notes can be converted at any time, by the loan note holder, for new shares in the company at a conversion price of 1.5 pence each.
The conversion price represents a premium of 33.3 pct to the closing mid-market price at the close of business on March 14 of 1.125 pence.
Ashton Penney said it is issuing loan notes in exchange for amounts outstanding by way of directors' fees and contractual pension contributions.
Source: http://www.hemscott.com/news/latest-news/item.do?newsId=61518964511874
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