25th Oct 2010 10:56
25 October 2010
Hydrodec Group plc (the "Company")
Loan Note Conversion Price Adjustment
Further to the successful completion of its recent placing of ordinary shares which raised approximately £3.0 million (before expenses) ("Placing"), the Company announces that the new conversion price of its fixed rate unsecured convertible loan notes ("Loan Notes") is 14.64p per ordinary share (previously 16.66p per share). This adjustment is being effected under the terms of the Loan Notes pursuant to the Placing being priced at a discount of greater than 10 per cent. to the prevailing 5 day average closing market price, as announced on 24 September 2010.
There are £12.79m of Loan Notes outstanding and these are repayable by the Company on 31 October 2014 (or earlier at the Company's discretion) unless converted by Loan Note holders into ordinary shares before 1 November 2012.
For further information please contact:
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Hydrodec Group plc |
020 7786 9810 |
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Neil Gaskell, Chairman Mark McNamara, Chief Executive Mike Preen, Company Secretary |
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Numis Securities Limited |
020 7260 1000 |
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Nominated Adviser: Simon Blank Corporate Broker: David Poutney, Alex Ham |
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Corfin Public Relations |
020 7596 2860 |
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Neil Thapar, Harry Chathli, Alexis Gore |
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Related Shares:
HYR.L