14th Sep 2006 11:34
Immediate Release: 14 September 2006 BUCKLAND GROUP PLC ("Buckland" or the "Group") Issue of Loan Notes Buckland, the AIM listed manufacturer of gas ignition components, announcesthat it has completed a private placing of ‚£ 125,000 of convertible loan notes(the "notes"). The notes, which are unsecured, pay interest at the rate of 12%per annum, are unlisted and are redeemable at par for cash on 31st March 2008if not converted prior to that date. At the option of the note holders, thenotes are convertible in whole or in part into Buckland 0.01p ordinary sharesat the conversion price of 0.1p per share, at any time between 1st September2007 and 31st March 2008.‚£ 92,500 of the notes have been subscribed by private investors and ‚£ 32,500have been subscribed by two directors of Buckland, being Patrick Rogers(Chairman) and Lee Sharples (Non Executive Director).The proceeds of the issue will be used to provide additional working capitalfor the Group following the transfer of all its manufacturing activities toThailand earlier this summer.The directors of Buckland (other than the directors involved in thetransaction) consider, having consulted with Seymour Pierce, that the terms ofthe transaction are fair and reasonable insofar as its shareholders areconcerned.The Group's interim results for the six month period ended 30th June 2006 willbe announced on 25th September 2006.Contacts:Patrick Rogers, ChairmanBuckland Group PlcTel. 077 11 420 702Ben SimonsHansard GroupTel. 020 7245 1100ENDBUCKLAND GROUP PLCRelated Shares:
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