15th Jul 2009 07:00
Turbo Power Systems Inc
("the Company")
Issue of Shares
The Company announces that on 14 July 2009, the Company issued 1,664,368 Common Shares of no par value ("New Shares") to holders of its 2005 series Convertible Loan Notes, in consideration for payment for the interest due on those loan notes for the period 1 January 2009 to 30 June 2009 at a price of 1.4p per share. Issue of the New Shares is conditional upon admission of the New Shares to AIM.
Under the terms of the Convertible Loan Note, the Company can elect to settle the bi-annual interest payments by issue of Common Shares in Turbo Power Systems Inc., at a price calculated on the average of the previous five day closing prices.
The average price for shares thus issued was calculated as 1.4p.
The New Shares represent 0.5 per cent. of the enlarged issued share capital following the issue of the New Shares.
Application has been made for the New Shares to be admitted to AIM and to the Toronto Stock Exchange ("TSX"). The shares will rank pari passu with the existing issued shares in the Company. Dealings in the New Shares are expected to commence on 21 July 2009.
For further information, please contact:
Turbo Power Systems Inc.
Richard Bayliss, Finance Director Tel +44 (0)20 8564 4460
Kreab Gavin Anderson (PR) Tel: +44 (0)20 7554 1400
Ken Cronin
Michael Turner
KBC Peel Hunt Ltd Tel: +44 (0)20 7418 8900
Daniel Harris
Nicholas Marren
Related Shares:
TPS.L