13th Feb 2007 11:30
Mercury Group PLC13 February 2007 13 February 2007 Mercury Group plc ("Mercury" or the "Company") Restoration of Trading Further to the suspension of trading in the Company's ordinary shares on 18January 2007, the Company announces that it has created a loan note instrumentconstituting £1,000,000 of Unsecured Loan Stock 2012 ("ULS") and has issued£500,000 of ULS. The Company has received binding commitments to subscribe forup to a further £500,000 of ULS at the Company's option up until 31 July 2007.The subscribers for the issued and committed ULS include Pendana Limited("Pendana"), an investment company which is ultimately owned by the TchenguizFamily Trust, Ethel Austin Investment Properties Limited, a major shareholder ofwhich is Barry Owen and his family, Corrina Limited, a company owned by PaulWhight, REIT Asset Management, a specialist investment, finance and assetmanagement partnership, and White Star Property Holdings Plc ("White Star"), aproperty investment company quoted on AIM. The ULS are repayable on (or, at theCompany's discretion, before) 31 January 2012 and will bear an interest rate oftwo per cent. over LIBOR per annum, payable three months in arrears except thatthe first payment of interest will be on the date being 18 months from the dateof creation of the loan note instrument. The directors of Mercury have undertaken to put a resolution before shareholders(subject to approval by the Takeover Panel) at the next general meeting to beheld by the Company to enable the ULS to become convertible into new ordinaryshares of 1p each in the Capital of the Company (to rank pari passu in allrespects with the then existing ordinary shares of 1p in the capital of theCompany) at a conversion price of 1p per share at any time thereafter prior to31 January 2012. Pendana and White Star hold 23.6 and 10.27 per cent. of the issued share capitalof the Company, respectively. Under the AIM Rules, Pendana and White Star areregarded as related parties as they both hold in excess of 10 per cent. of theissued share capital of the Company. The independent directors of Mercuryconsider, having consulted with John East & Partners Limited, that the terms ofthe Loan Notes are fair and reasonable insofar as the Mercury shareholders areconcerned. The directors of Mercury have requested that the London Stock Exchange restorethe trading in the ordinary shares in the Company with immediate effect. The directors of Mercury are pleased to announce that George Kynoch, aged 60,has been appointed as Non-Executive Chairman of the Company and that BrianBasham, aged 63, and Andrew Lovelady, aged 51, have been appointed asNon-Executive Director and part time Finance Director of the Company,respectively, with immediate effect. Walter Goldsmith, who has been the Non-Executive Chairman of the Company sincehis appointment in May 2006 will continue to act as a Non-Executive Director ofthe Company. In addition, having played a major role in the fund raising and restructuring ofthe business, Simon Michaels, Finance Director, has stepped down from the Boardwith immediate effect to pursue other opportunities. Following the proposals set out above, the constitution of the Board will be: George Kynoch, Non-Executive ChairmanRonnie Franks, Chief ExecutiveAndrew Lovelady, part time Finance DirectorWalter Goldsmith, Non-Executive DirectorJames Lugg, Non-Executive DirectorBrian Basham, Non-Executive Director Further information on the new directors In the past five years the new directors have had the following directorships: Current Previous George Alexander Bryson Madwaves (UK) Ltd Benson Group LimitedKynoch Mountwest 146 Ltd (Muir Jetcam International Matheson) Holdings Ltd Muir Matheson Ltd London Marine Group Ltd Talent Group plc PremiSys Group plc TEP Exchange Group plc RDF Group plc Toluna plc Tecc-Is plc OCZ Technology Group Inc George Kynoch was a non-executive director of Benson Group Limited and resignedon 18 January 2005. On 6 January 2005 the company went into creditors' voluntaryliquidation. The estimated deficiency to creditors was £2.69 million. Current PreviousBrian Arthur Accrediting Bureau for Fundraising Abbeygrove TradingBasham Organisations Limited Armchair Investor Limited Abraxus Investments (UK) Limited Daygreen Limited Homebill Limited Equity Development Limited Intershare Limited Equity Education Limited Mezzanine Group Plc Equity Eye Limited Microlight Marathons Limited Equity Holdings Limited RIFF Net Limited Equity Research Limited Talk (Mobile Phone Stop) Limited FISMA Limited The Experience Corps Intershare Limited The QCA Educational Trust Liberty Data Systems Limited Tomatin Limited White Star Property Holdings Plc Wine Net Limited Performance Analysis Limited XSWeb Limited The Quoted Companies Alliance Brian Basham was a director of Abbeygrove Trading Limited prior to it going intoa voluntary creditors' liquidation on 13 May 2003. Having regard to the relevantstatement of affairs filed, the estimated deficiency as regards creditors was£1.05 million. Current Previous Andrew Robert 101 OHS Limited Beetham Austin LimitedLovelady Actis Print Services Limited Beetham Office Hotels Limited Active Retail Antrim Fund General Chartfront Jupiter Limited Partner) Limited Active Retail Rookery Fund (General City Quays (Chester) Partner) Limited Management Company Limited Alabama Land Limited Coolrate Limited Austin Bilton Properties (Crosby) Delamere Palatine Limited Limited Austin Dransfield Morpeth Limited EB Homes Ltd Austin Emery Estates Ltd Erleygrove Limited Austin Emery Investments Limited Fellgate Properties (Chester) Limited Austin GBB (Oswestry) Limited GBI Systems Limited Austin Hill Property Investments Grendale Developments Limited (Darlington) Limited Austin Owen Properties Limited Grendale Developments (Portrack) Limited Austin Park Estate Limited Grendale (Felling) Limited Austin Sefton Developments Limited HGA Limited Austin Sefton Holdings Limited Pacific Property Developments Limited Austin Sefton Investments Limited Riverside Arena Limited Austin Trinity Chepstow Limited Stretton Palatine (Middlewich) Limited Austin Trinity Hotels Limited Austin Trinity Leominster Limited Barlows Autozone Limited Barlows Eastbourne Holdings Limited Barlows Falkirk Limited Beetham Equities Limited Beetham Great Bridgewater Street Limited Blakeshall Estates Limited Breezeclip Limited Brickstamp Limited Bunbury Properties Limited Carolina Land Limited Chartbranch Limited Chartbranch (Chapel En Le Frith) Limited Chartbranch (Ripon) Limited Chartfront Developments Limited Chartfront Group Limited Chartfront Investments Limited Chartfront Jupiter Limited Chester Business Park Management Company Limited Choicestall Limited Clerkdiary Limited Cobra Gal (Holdings) Limited Cobra London Markets Limited Coretrend Limited Crestnight Limited CRLS Nominees Limited Datarapid Limited Delamere Easi Limited Easycrown Properties Limited Eastern Gate Properties Limited Elm Park Developments Limited Ethel Austin (I) Limited Ethel Austin (II) Limited Ethel Austin (III) Limited Ethel Austin Commercial Properties Limited Ethel Austin Investments Limited Ethel Austin Investment Properties Limited Ethel Austin Investment Properties (Falmouth) Limited Ethel Austin Investment Properties (Foregate Street) Limited Ethel Austin Properties Limited Ethel Austin Properties Holdings Limited Ethel Austin Properties Nominees Limited Ethel Austin Regeneration (Latchford) Limited Ethel Austin (Rose Place) Limited Ethel Austin (Sefton) Limited Ethel Austin Shared Investments Limited Evans Easyspace (Chester) Limited Fellgate Properties (Minerva Court) Limited Flightdrive Limited Flintshire Industrial Developments Limited Gardenbook Holdings Limited Gardenbook Leicester Limited Gardenbook Projects Limited Gardenbook Properties Limited Gladstone Projects Limited Goldrock Investments Limited Goldrock Investment Properties Limited Goldrock Property Investments Limited Granddream Limited Hallco 1038 Limited Hansan Limited Knightbrook Limited Lanchester Investments Limited Lanchester Securities Limited Landfolder Limited Library Estates Limited Lightbanner Limited Lightbanner Investments Limited Lightbanner (Manchester) Limited Lightbanner (Stratford) Limited Linden Stourport Limited Linenhall Chester Limited Linenhall Developments Limited Linenhall Holdings Limited Liverpool Charity and Voluntary Services Liverpool Society of Chartered Accountants London and Palatine Estates Limited London and Palatine (Northwich) Limited London & Palatine Saltney Limited London & Palatine Spring Gardens Limited Magnetvital Limited Mapfield Properties Limited Maritime Park Developments Limited Market Cross Properties (Selby) Limited Mason Owen Regeneration Limited Med Kitchen Properties Limited Med Kitchen Restaurants Limited Mersey and Metropolitan Developments Limited Minster Mill Limited Modelform Limited Mollington Developments Limited Morpeth II Limited MP Nantwich Limited Muller Palatine Properties Limited Oakgate (Hereford) Limited Oakgate (Williamson Square) Limited Office Village Management Company Limited Plas Madoc Developments Limited Plas Madoc Estates Limited Plas Madoc Group Limited Quarry Properties Limited Riverguide Limited Rocket Centre Properties Limited Rufus Estates (Boughton) Limited Saxon Cross Properties Limited Seamoor Investments Limited Signature House Properties Limited Sitequest Estates Limited Sitequest Properties Limited Stampscreen Limited Stone Place Hoole Limited Stour Vale Limited Stripemicro Limited Stripepearl Limited Switant Investments Limited Telegraph Properties (Kirkby) Limited The Day Spa Properties (UK) Limited Watermill Estates Limited Waterville Investments Limited Woodbury Park Limited ZA Properties Limited Andrew Lovelady was appointed a director of Actis Print Services Limited(company number 04493996) on 30 November 2003. Actis Print Services Limited wentinto administration on 14 June 2006. Ethel Austin Property Group was a majorshareholder. The company ceased to trade due to debts and the administration andliquidation is ongoing. Mr Kynoch, Mr Basham and Mr Lovelady have confirmed that there is no furtherinformation required to be disclosed under paragraph 17 of the AIM Rules. For enquiries: 020 7393 4001 Mercury Group plc Walter Goldsmith (non-executive director) 020 7628 2200 John East & Partners Limited 020 7457 2020 David Worlidge/Simon Clements College Hill Associates Jamie Ramsay This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MGP.L