30th Sep 2013 07:57
LONDON (Alliance News) - Westminster Group PLC Monday said it has agreed a final settlement of its 2009 convertible, secured loan note agreement with the liquidators of Synergy Capital Limited.
Westminster has agreed with Synergy a discounted capital payment of GBP385,000, originally GBP403,000, as full and final settlement of the loan and for the associated release of debentures.
The company said this has in part been achieved by a drawdown of GBP200,000 gross from its Equity Financing Facility facility with Darwin Strategic Limited at a price of 70 pence, being a 1.5% premium to the volume-weighted average closing price over the last 10 trading days.
This will result in Westminster issuing 285,714 ordinary shares under the terms of the equity financing facility .
Westminster shares were trading at 67.90 pence Monday morning, up 2.65 pence or 4.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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