19th Dec 2007 12:24
Delling Group PLC19 December 2007 For Immediate Release 19 December 2007 DELLING GROUP PLC (DLG.L) The AIM-listed marketing support services group Re: Issue of £750,000 Secured Convertible Loan Notes and Refinancing of Existing Loan Notes Delling Group PLC ("Delling" or "the Company"), the AIM-listed integratedmarketing support services company, announces that further to the announcementmade on 14 December 2007, it has issued £750,000 of loan notes for cash at par. The loan notes have been issued to RAB Special Situations (Master) Fund Limited("RAB"), a fund managed by RAB Capital plc, a significant shareholder in theCompany, as part of a refinancing of existing loan notes with RAB. In addition, £589,178 of interest due has been satisfied by the issue ofadditional loan notes, which, together with the existing loan notes of £1m andthe £750,000 of loan notes issued today, results in total loan notes issued toRAB of £2.34 million ("Loan Notes"). The Loan Notes are secured by a fixed and floating charge over the Company'sassets, can be redeemed by the Company for cash at any time and are convertibleat RAB's option at the time into ordinary shares in the Company at a conversionprice of 6.5 pence per ordinary share or, if lower, the volume weighted averagemarket price of a Delling ordinary share in the twenty business days precedingthe date of a conversion notice. The Loan Notes bear interest at the rate of 1% per calendar month until 31 March2008 at which point the Directors intend that the notes will be redeemed.However the loan notes can be extended beyond this date Interest will berolled-up unless RAB elects for cash payment. The Directors consider, having consulted with Nabarro Wells & Co. Limited (theCompany's Nominated Adviser), that the terms of the transaction with RAB arefair and reasonable insofar as the shareholders of the Company are concerned. Contact: Delling Group PlcAksel Bratvedt, Executive Chairman Tel: 0207 484 5663James Robinson, CFO Tel: 0207 484 5664 www.dellinggroup.com Adventis Financial PRTarquin Edwards Tel: 020 7034 4758/07879 458 364 Nabarro Wells & Co Limited - Nominated AdviserHugh Oram Tel: 020 7710 7400 City Capital Corporation Limited - BrokerDavid Kent Tel: 020 7583 5800 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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