12th Aug 2008 16:18
Environmental Recycling Technology Plc (the "Company")
Loan Conversion
The Company announces that it has entered into an agreement whereby an outstanding loan to the Company of £378,000 will be treated as having been repaid by the issue to the loan provider of 15,120,000 new ordinary shares of 2.5 pence each in the Company ("New Ordinary Shares"). The issue price of the New Ordinary Shares is 2.5 pence representing a premium of approx. 32.98 per cent. to the closing price on 1 August 2008 (being the closing share price on the business day prior to the signing of the loan conversion agreement). The New Ordinary Shares will, when admitted to trading on AIM, rank pari passu with the other shares currently in issue. The New Ordinary Shares have been issued pursuant to the authorities granted to the directors of the Company at the Annual General Meeting on 24 July 2007.
The Loan, which was provided to settle debts, was provided in June and July 2008 and carried an interest rate of 8 %
payable on demand.
Application has been made for the New Ordinary Shares to be admitted to listing on AIM and this is expected to
become effective on 18 August 2008.
Following the conversion of the loan, the total issued share capital of the Company will consist of 286,417,319 Ordinary
Shares of 2.5 pence each in the Company. The New Ordinary Shares represent approximately 5.27 per cent. of
the enlarged issued share capital of the Company.
12 August 2008
ENQUIRIES:
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Environmental Recycling Technology Plc |
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|
Ken Brooks Chairman |
01993 779 468 |
|
Evolution Securities |
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|
Tim Worlledge / Sam Plumptre |
020 7071 4300 |
Related Shares:
ENRT.L