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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ashton Penney | LSE:ASHT | London | Ordinary Share | GB00B0KDN652 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2528Q Ashton Penney Holdings PLC 17 March 2008 For Immediate release 17 March 2008 Ashton Penney Holdings Plc ("Ashton Penney" or the "Company") Issue of Unsecured Convertible loan notes / Directors dealing The Board of the Company announces that it has issued £336,000 of unsecured convertible loan notes (the "Loan Notes"). The Loan Notes bear interest at 8.5% per annum and are redeemable on or after 3 January 2011. The Loan Notes may be converted at any time, by the Loan Note holder, for new ordinary shares in the Company at a conversion price of 1.5p per ordinary share, representing a premium of 33.3% to the closing mid-market price per ordinary share at the close of business on 14 March 2008 of 1.125p. If any Loan Notes are still outstanding at the redemption date of 3 January 2011 and if the average mid-market price per ordinary share exceeds 1.75p, then the Company has the right to require the convertible loan note holders to convert into ordinary shares on the basis as set out above. The Loan Notes are being issued in exchange for amounts outstanding by way of Directors' fees and contractual pension contributions, subscriptions for cash and in respect of existing short term outstanding indebtedness as set out below: Subscriber Conversion New cash Existing TOTAL of amounts subscribed outstanding outstanding short term by way of indebtedness fees and pension Colin Maitland (Non-Executive Chairman) £40,000 - £160,000 £200,000 Graham Cole (Non-Executive Director) £16,000 - £20,000 £36,000 Bruce Page (Chief Executive) £10,000 £20,000 £10,000 £40,000 Stephen Kittoe (Company Secretary) - - £10,000 £10,000 External investor - £50,000 - £50,000 ------------------ -------------- ------------------ ------------- £66,000 £70,000 £200,000 £336,000 ------------------ -------------- ------------------ ------------- The proceeds will be used by the Company to provide further working capital and the conversion of other loans and amounts outstanding to Loan Notes will help strengthen the balance sheet. Colin Maitland and Graham Cole are substantial shareholders of the Company, as defined by the AIM Rules. Additionally, Colin Maitland, Graham Cole and Bruce Page are Directors of the Company. The issue of the unsecured convertible loan notes to them is therefore a Related Party Transaction as defined by AIM Rule 13. Accordingly, there are no independent Directors for the purposes of AIM Rule 13. Beaumont Cornish Limited, the Company's Nominated Adviser, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. For further information: Ashton Penney (Tel: 020 7337 6900) Beaumont Cornish (Tel: 020 7628 3396) Bruce Page, CEO Roland Cornish ENDS This information is provided by RNS The company news service from the London Stock Exchange END MSCGUUMCWUPRGGM
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