28th Mar 2007 07:01
Theo Fennell PLC28 March 2007 THEO FENNELL PLC ("Theo Fennell" or "the Company") Loan Note Conversion and Directors Dealings Following on from the announcement of 31 July 2003, the Directors of TheoFennell received on 27 March 2007 notices of conversion from certain of theholders in respect of a £1 million convertible loan note which was issued on 03September 2003 (the "Loan Note") of which £600,000 has been converted and placedwith institutional investors. The conversion price of the Loan Note is at 30pence per share which will convert into 1,999,998 new Ordinary Shares, giving anenlarged issued share capital of the Company of 18,275,829 ordinary shares of 5peach. Under the Loan Note conversion the following directors were issued the followingnumber of new Ordinary Shares which have subsequently been placed withinstitutional clients of Seymour Pierce at a price of 130p per share: Value of Loan Stock Number of ordinary shares £A T Fennell 200,000 666,666B A Snoad 100,000 333,333C E P Carter 100,000 333,333Viscount Cowdray 200,000 666,666 As all of the new Ordinary Shares arising on the conversion of the Loan Noteshave been immediately sold by the Loan Note holder, there is no change to theDirectors share holdings in the Company as follows: Number of ordinary shares % of enlarged issued share capital A T Fennell 2,886,760 15.80%B A Snoad - -C E P Carter 546,192 2.99%ViscountCowdray 3,411,166 18.66% Application has been made for the admission of the 1,999,998 new Ordinary Sharesto trading on the AIM market. The new Ordinary Shares will rank pari passu withthe existing ordinary shares of 5p each in the Company and dealings in the1,999,998 new Ordinary Shares are expected to commence on 2 April 2007. Employer's National Insurance is payable on the effective gain between theconversion price of the Loan Note and the market value of the Ordinary Shareswhich will reduce the Company's pre-tax profit for the year ended 31 March 2007.However, the Company will benefit from tax relief available on the conversion ofthe Loan Note which will have the effect of increasing the Company's reportedpost tax profit for the year ended 31 March 2007. Enquiries:Pelham PR Tel: 020 7743 6678James Henderson / Kate CatchpoleSeymour Pierce Tel: 020 7107 8000Mark Percy This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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