22nd Feb 2005 07:30
FOR IMMEDIATE RELEASE 22 February 2005 PNC TELECOM PLC ("PNC" or "the Company") Issue of Loan Notes and Warrants Change of Nominated Adviser and Broker At a board meeting held on 17th February 2005 , the Company agreed to issue aconvertible loan note ("convertible"), underwritten by the Directors beingMessrs Leo Knifton and Joseph Case, for ‚£120,000 convertible at a price of 0.1pper Ordinary Share at any time for seven years ending 16 February 2012. A totalof 120,000,000 Ordinary Shares are issuable under the convertible, representing72 per cent. of the enlarged issued share capital. It was further resolved atthe board meeting to issue 5 million warrants to subscribe for Ordinary Sharesat 0.1p each, to each of Joseph Case and Leo Knifton. These Directors receiveno other remuneration in order to preserve the Company's limited funds.Beaumont Cornish Limited has been appointed as the Company's Nominated Adviserand Falcon Securities (UK) Limited has been appointed as the Company's Broker.The Company's shares were suspended from trading on 15 September 2004 at theCompany's request whilst the new Board investigated its financial affairs andsought to ensure its solvency. As the convertible loan note provides fundingfor the Company's working capital requirements and the Directors'investigations into the Company's past financial affairs are making progress,the Directors have asked for the trading of the Company's shares on AIM torecommence on 22 February 2005.Under the AIM Rule 12, the issue of the convertible loan note and warrants tothe two Directors of the Company is a related party transaction. BeaumontCornish Limited, the company's Nominated Adviser, considers that the terms ofthe issue are fair and reasonable insofar as the Company's shareholders areconcerned.The Company will make further announcements in due course when circumstancesrequire.For further information:PNC Telecom Plc Leo Knifton Tel: +44 (0) 207 251 2762 Beaumont Cornish Limited Nominated Advisers Tel: +44 (0) 207 628 3396 Roland Cornish / Noelle Greenaway ENDRelated Shares:
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