2nd Dec 2015 11:02
LONDON (Alliance News) - AorTech International PLC on Wednesday said it has receive enough support from investors who will surrender rights under loan notes they held in exchange for shares.
AorTech issued secured loan notes on October 26, 2012. The notes were redeemed on February 1 the following year, but their holders retained the right to "receive from the company on a change of control payment of a sum equal to 15% of the aggregate sums to shareholders".
Shareholders gave AorTech the backing to take the steps needed to allow it to issue shares in exchange for the surrender of those rights.
AorTech now wants to issue 724,917 new shares to the loan note holders, equivalent to 15% of the the existing shares in the company, in exchange for the surrender of those rights.
"The company has received sufficient irrevocable commitments to ensure that the resolution will be passed," AorTech said.
AorTech shares were untraded at 27.50 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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