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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eleksen Grp | LSE:ELG | London | Ordinary Share | GB00B12GJ944 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4868P Eleksen Group PLC 15 January 2007 Eleksen Group plc ("Eleksen" or the "Company") Eleksen raises a further #4.0 million through the issue of 7.5% Convertible Secured Loan Notes 2009 15 January 2007 Eleksen Group plc, which makes smart fabrics that can be used to control electronic devices such as smartphones and MP3 players, has raised a further #4.0 million through the issue of 7.5% Convertible Secured Loan Notes 2009 (the "Notes"). On 23 November 2006, the Company announced that it had raised #1.68 million through the issue of Notes and that further announcements about additional funding would be made in due course. Today's announcement completes the Company's funding programme and, as a result, the Company does not envisage progressing with the #1million working capital facility discussed previously. The Directors intend to use the funds for: * the acceleration of core technology development * building the Company's infrastructure both in the US and Far East * marketing to support anticipated product demand * working capital to meet the needs of expansion driven by the anticipated upturn in product demand Robin Shephard, Chief Executive Officer, said: "We have now raised over #5.6 million in a programme which leaves the Company fully funded and financially secure. As our recent developments with Microsoft and Apple show, there is no shortage of opportunities for our technology. We are now better placed to exploit these and to grow the business, not least in the US where partner interest from some major corporates is encouragingly strong. "The funds will be used to support the Company's growth strategy. We have had a successful 2006, developing the Eleksen brand and making some important customer wins amongst Tier 1 customers. We are now well positioned to execute our strategic plan and to achieve significant growth in 2007. The funding is an important development for the Company and for its shareholders." The Notes, which mature on 31 March 2009, carry a coupon of 7.5% per annum and are convertible into ordinary shares of Eleksen at a conversion price of 40p. In addition, each Noteholder will be issued with a warrant which allows it to acquire one Eleksen share, at a price of 43p, for every #2 principal amount of Notes held. The rights of the Noteholders to convert into shares will be amended whereby the Noteholders will be able to convert into shares after the date of issue of the Notes (it was previously only after 18 May 2007), while the Company may require conversion at any time after 15 January 2008 if the Company's share price has traded at or above 75p for a period of not less than 21 consecutive days. Other than certain other proposed amendments (applicable to both the earlier and this further issue) the terms for the Notes will be substantially the same as those for the earlier issue. The fundraising is subject to, amongst other things, the signing of six month orderly market agreements by certain shareholders and Noteholders, and approval in an Extraordinary General Meeting of the Company. A notice convening such a meeting will be sent to shareholders in due course. City Capital Corporation Ltd is acting as Lead Arranger for the Loan Note transaction. Ends For further information, please contact Eleksen 08700 72 72 72 Robin Shephard, Chief Executive Ted Bechman, Chief Financial Officer City Capital Corporation Ltd 020 7583 5800 Marcus Scott Panmure Gordon 0207 459 3600 Andrew Godber Cubitt Consulting 020 7367 5100 Michael Henman About Eleksen Eleksen's core technology, ElekTex, enables fabric to be programmed, creating touch sensitive controls for a wide range of electronic devices. Eleksen's initial focus is on wearables, such as soft MP3 controllers integrated into outdoor jackets, rucksacks and suits; and on soft, fabric keyboards for smartphones and PDAs. A wide range of other applications may exist including solutions for the toy, industrial, military, automotive and healthcare markets. Further information on the Group is available at www.eleksen.com Appendix 1. Notifiable interests immediately following the issue of the Notes and Warrants Upon the issue of the Notes and Warrants, the Directors are aware that, as at the date of this announcement, the following persons would then be interested, directly or indirectly, in 3 per cent. or more of the issued share capital of the Company following the issue of the Notes and Warrants: Name of Shareholder's interest in Percentage of the total issued Shareholder number of Ordinary Shares share capital of the Company Absolute Capital Management Holdings Limited 6,000,000 12.8% Advicorp plc 1,500,000 3.5% DKR SoundShore 4,500,000 9.9% Oasis Holding Fund Limited 2. Right to nominate a director Pursuant to the terms of their subscription for the Notes and Warrants, Absolute Capital Management Holdings Limited, Advicorp plc and DKR SoundShore Oasis Holding Fund Limited shall be entitled to jointly nominate one director for appointment on the board of directors of the Company pursuant to article 89.1 of the Company's articles of association. This information is provided by RNS The company news service from the London Stock Exchange END IODEAXFAFSXXEFE
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