25th Mar 2015 13:20
25 March 2015
MoneySwap plc
("MoneySwap" or the "Company")
Conversion of loan notes and total voting rights
MoneySwap (AIM: SWAP), the provider of payment solutions to online and point of sale merchants licenced for UnionPay in the UK and the provider for UnionPay MoneyExpress service enabling overseas persons to send funds directly to UnionPay cardholders in China, announces the conversion of loan notes and subsequent issue of new ordinary shares of 0.1p each in the Company ("Ordinary Shares").
Conversion of loan notes
The Company has today converted loans totalling US$2,721,612.45 (including accrued interest) (the "Loan Conversion") into 227,483,488 new Ordinary Shares (the "Loan Conversion Shares") at a conversion price of 0.8p per Ordinary Share. The conversion price of 0.8p (the "Conversion Price") is higher than originally required under the loan agreements (being the average trading price for the 10 days prior to conversion) and has been agreed between the lenders and the Company. The Conversion Price represents a 4% premium over the expected contractual conversion price in accordance with the loan agreements of 0.77p. The loans being converted were provided to the Company by a substantial shareholder, Ton Yuan Enterprise Limited ("Ton Yuan"), and an independent third party, Prospect Trading Co., Ltd. ("Prospect"), further details of which were announced on 19 December 2012, 7 June 2013 and 24 March 2014. Full details of the loans to be converted are as follows:
Lender | Principal repaid | Interest repaid | Total | Number of Loan Conversion Shares issued | Number of shares held following the conversion | Percentage of enlarged issued share capital | Balance of principal loan outstanding |
Ton Yuan Enterprise Limited | US$610,000 | US$33,090.42 | US$643,090.42 | 53,752,125 | 206,155,495 | 24% | US$0 |
Prospect Trading Co., Ltd. | US$2,021,500 | US$57,022.03 | US$2,078,522.03 | 173,731,363 | 173,731,363 | 20.23% | US$334,000 |
Total | US$2,631,500 | US$90,112.45 | US$2,721,612.45 | 227,483,488 | 379,886,858 | 44.23% | US$334,000 |
Total voting rights
Application has been made for the Loan Conversion Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 1 April 2015. On Admission the total issued share capital of MoneySwap will consist of 858,885,175 Ordinary Shares. The Company currently holds no ordinary shares in treasury. Therefore the total number of voting rights in the Company is 858,885,175. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of MoneySwap under the Disclosure and Transparency Rules.
Holdings in Company
Following the issue of the Loan Conversion Shares, Ton Yuan, a company owned by Chien-Wei Kao, and Prospect, a company owned by Yu-Chun Hsiao, now have total beneficial interest in 206,155,495 and 173,731,363 Ordinary Shares respectively, equivalent to 24.00% and 20.23% of the Company's enlarged issued share capital.
- Ends-
For further information, please contact:
MoneySwap Plc | Allenby Capital Limited | MoneySwap Plc |
Chief Executive Officer | Nominated Adviser | Financial PR |
Richard Proksa
| Nick Naylor Alex Price James Reeve | Fiona Fenn Smith
|
+852 3919 9888 | +44 20 3328 5656 | +44 7712 101922 |
About MoneySwap (www.moneyswap.com)
MoneySwap provides payment solutions and gateways to merchants which allow both online and point of sale transactions to be settled using UnionPay cards in the UK. In addition, UnionPay has licensed MoneySwap for its MoneyExpress service which enables overseas persons to send funds directly to UnionPay cardholders in China. The Company also offers prepaid card services working with partners such as Corner Bank, Switzerland and Visa and offers an online peer to peer platform for currency exchange and payments. The Company's shares are traded on the London Stock Exchange's AIM market (AIM: SWAP). More information can be found at www.moneyswap.com.
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