8th Jul 2009 07:00
For immediate release 8 July 2009
P N C TELECOM PLC ("PNC Telecom" or "the Company") Issue of Equity Shareholding
The Board received and accepted a request from Darren Ridge to convert a £50,000 convertible loan note and has agreed to issue and allot 50,000,000 new ordinary shares at 0.1p per share in accordance with the terms of that note. This note was included in a tranche of convertible loan notes totalling £500,000 convertible at 0.1p per share at any time for seven years from 29 April 2005 to 28 April 2012.
In addition, the Board received and accepted a request from Darren Ridge to convert a £10,000 convertible loan note and has agreed to issue and allot 10,000,000 new ordinary shares at 0.1p per share in accordance with the terms of that note. This note was included in a tranche of convertible loan notes totalling £120,000 convertible at 0.1p per share at any time for seven years from 17 February 2005 to 16 February 2012 which were issued in February 2005.
Application will be made for a total of 60,000,000 new ordinary shares which will rank pari passu with the existing ordinary shares to be admitted to trading on AIM.
Darren Ridge currently holds 53,125,000 shares and with the further 60 million shares his holding of 113,125,000 will represent approximately 11.68% of the increased issued share capital.
PNC Telecom Plc
Leo Knifton Tel: + 44 (0) 207 251 3762
Beaumont Cornish Limited
Roland Cornish Tel: +44 (0) 207 628 3396
vendorRelated Shares:
Tricor