25th Sep 2009 11:42
Private & Commercial Finance Group plc
Result of EGM and Redemption of 2009 Loan Notes
The Directors of Private & Commercial Finance Group plc ("PCFG" or "the Company") are pleased to announce that, at the extraordinary general meeting held today the resolution to approve the placing of ordinary shares announced on 2 September 2009 was duly passed. Admission of the 22,526,664 new ordinary shares to be issued pursuant to the placing to trading on AIM is expected to take place at 8.00 a.m. on 28 September 2009.
In addition, in accordance with the terms of the loan note instrument dated 9 April 1999, the Company will redeem at par 1,903,402 convertible unsecured loan notes ("2009 Loan Notes") on 30 September 2009. The holders of 375,076 2009 Loan Notes have agreed to roll over their investment into a new issue of unquoted convertible unsecured loan notes expiring on 30 September 2013 with a yield of 10 per cent. per annum and a conversion price of 25p ("New 2013 Loan Notes").
Admission of the 2009 Loan Notes to trading on AIM will be cancelled with effect from 8.00 a.m. on 30 September 2009.
Following the cancellation of the 2009 Loan Notes, the Company will have in issue 2,630,899 nominal convertible unsecured loan notes expiring on 30 September 2013 with a yield of 8 per cent. per annum and a conversion price of 76p, together with 605,076 New 2013 Loan Notes.
Enquiries:
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Private & Commercial Finance Group plc |
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Robert Murray / Scott Maybury |
Tel: 020 7222 2426 |
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Hanson Westhouse Limited (Nominated Adviser) |
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Tim Feather / Matthew Johnson |
Tel: 0113 246 2610 |
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Daniel Stewart & Company plc (Broker) |
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Martin Lampshire / Graham Webster |
Tel: 020 7776 6550 |
Related Shares:
PCF.L