27th May 2005 11:51
Earthport PLC27 May 2005 For immediate release Stock Exchange Announcement 27th May 2005 earthport PLC ("earthport" or the "Company") Issue of Shares and Change in Shareholding Convertible Loan Notes from the 10% Issue No. 3 to 31st December 2005 with anominal value of £550,000 have been exercised.The conversion terms required the allotment of 45,000,000 Ordinary 2.5p Shares of earthport ("Shares") to be issued. As part of this process Gelande Holdings (Overseas Undertakings) Limited, acompany in which Rob Cunningham, until recently CEO of earthport, isbeneficially interested, surrendered 24,000,000 of its Shares to the Company. These Shares were then used in part to satisfy the Loan Note conversion, thuslowering the dilutive effect. In addition certain creditors of the Company totaling £47,678.55 have beensatisfied by the allotment to them of 1,907,142 Shares. On 19th April 2005, Rob Cunningham exercised £625,000 of Convertible Loan Notesfrom the 10% Issue No. 4 to 31st December 2005.As a result on 17th May 2005, 50,000,000 Shares were issued to him. Added tohis existing shareholding, Rob Cunningham now holds 54,199,514 Sharesrepresenting approximately 8.5% of the Company's issued share capital followingthis announcement. The total number of new Shares issued as above was therefore 72,907,142. Thesenew Shares will rank pari passu in all respects with the existing Shares inissue.Application is being made for the new Shares to be admitted to trading on AIM onthe London Stock Exchange and dealings are expected to commence on 31st May2005. Following this announcement there are now 638,040,880 Shares in issue. End Press enquiries: Neil Clayton CFO earthport PLC +44 20 7907 1100David Nabarro/Nigel Atkinson Nabarro Wells +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Earthport