15th Apr 2016 15:06
LONDON (Alliance News) - EKF Diagnostics Holdings PLC on Friday said it has served notice to redeem a GBP3 million convertible loan from Zwanziger Family Ventures LLC.
Under the terms of the convertible loan, EKF is entitled to repay the entire loan giving Zwanziger at least 20 days' notice. Zwanziger has the right to serve a conversion notice on EKF at any time giving not less than 10 days' notice.
If the convertible loan is converted, the conversion price per share will be 14.4 pence. Shares in EKF were trading down 1.9% at 12.75 pence on Friday afternoon.
In addition, North Atlantic Smaller Companies Investment Trust PLC has agreed to provide to a loan facility of GBP3 million to EKF with interest accruing a LIBOR plus 5%, payable every six months in arrears.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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