27th Nov 2012 09:38
For Immediate Release 27 November 2012.
Kingswalk Investments Limited
("Kingswalk" or "the Company")
Convertible Loan Notes to raise £50,000
The board of Kingswalk is pleased to announce that a further £50,000 has been raised through the issue, at par for cash, of 2 year 10% convertible loan notes under the Company's existing loan note instrument, as described in the announcement on 19 October 2012 ("KWI Loan Notes").
The entire £50,000 proceeds from the issue of the KWI Loan Notes have been applied by the Company in purchasing additional 2 year 10% convertible loan notes ("EWMG Loan Notes") from its investee company, European Wealth Management Group plc ("EWMG"). This will provide EWMG with additional working capital. The EWMG Loan Notes are issued under the same instrument as, and are identical to, the £450,000 loan notes subscribed for by the Company from EWMG and announced to the market on 19 October 2012 and the £125,000 loan notes subscribed for by the Company from EWMG and announced to the market on 31 October 2012.
Related Party Matters
Under AIM Rule 13, the issue of the EWMG Loan Notes to Kingswalk ("EWMG Loan Note Subscription") is a related party transaction by virtue of Kishore Gopaul, a director of the Company, also being a shareholder and director of Courvoisier & Associés S.A., a 31.3 per cent. shareholder in EWMG.
The independent directors, having consulted with Daniel Stewart & Company, the Company's nominated adviser, consider the terms of the EWMG Loan Note Subscription to be fair and reasonable insofar as Kingswalk's shareholders are concerned.
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Kingswalk Investments Limited
Paul Everitt: +44 (0)14 8173 2888
www.kingswalkinvestments.com
Daniel Stewart & Company Plc - Nominated Adviser and Broker
Antony Legge, Director, Corporate Finance: +44 (0)20 7776 6550
GTH Communications
Toby Hall: +44 (0)20 3103 3903
Suzanne Johnson Walsh: +44 (0) 20 3103 3902
Related Shares:
Kingswood H.