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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hill Station | LSE:HLL | London | Ordinary Share | GB00B0335224 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
HILL STATION PLC ("HILL STATION" OR THE "COMPANY") TRADING UPDATE, FURTHER ISSUE OF LOAN STOCK AND RELATED PARTY TRANSACTION TRADING UPDATE The Company last updated the market on 13 November 2007. Since then, trading in November 2007 and December 2007 has been in line with management expectations. The current sales outlook for the first quarter of 2008 is encouraging with sales to new customers having commenced earlier in the month. The Company is optimistic that it can develop relationships with certain other leading retailers with a view to developing both the Company's brands and retailer own labels. Following the new appointments to the management team, the Company will continue its comprehensive business review, including a stringent reassessment of ongoing costs. The Board believes that the introduction of the new management team will greatly assist in establishing the Company as a leading ice cream manufacturer. Despite progress in these areas, the Company nevertheless has an immediate requirement for additional working capital in order to fund existing working capital requirements and growth that has been achieved by new customers. ISSUE OF LOAN STOCK The Board has explored a number of options to meet its financing requirements and has concluded that the only option available in the present circumstances is the further issue of loan stock. Accordingly, the Board today announces that it has raised additional working capital of £902,500 by way of an issue for cash of new Loan Stock (the "January 2008 Loan Stock") to the Directors, the proposed directors, VCTs administered by Invesco Perpetual, Electra Quoted Management Limited ("Electra") and Rathbone Investment Management Limited ("Rathbone"). Of this sum, £730,000 has been received in cash by the Company's solicitor, with the balance of £172,500 due to be received on Wednesday 23 January 2008. The Directors, including the new CEO and the new Finance Director, but excluding Peter Salter are subscribing for £47,500 of January 2008 Loan Stock, comprised as follows: Director January 2008 Loan Stock £ Bill Mapstone 15,000 Cliff Carter 11,500 Robert Alstead 5,000 Gwyn Jones 10,000 John Dixon 6,000 Total 47,500 Peter Salter has indicated that he will invest £10,000 in January 2008 Loan Stock immediately upon his return from overseas on or around the end of January 2008. Each of Invesco Perpetual, Rathbone, Electra, Bill Mapstone, Peter Salter and Gwyn Jones are existing shareholders in the Company. The terms of the January 2008 Loan Stock provide, inter alia, for interest to accrue at 10 per cent. per annum and also for a redemption premium of 200 per cent. of the issue price. The Loan Stock is redeemable on the fifth anniversary of its issue. The January 2008 Loan Stock is not convertible into Ordinary Shares. RELATED PARTY TRANSACTION Rathbone and Electra, together with their respective underlying funds have been deemed to be substantial shareholders for the purposes of this transaction. Each of Rathbone and Electra has subscribed for £345,000 of January 2008 Loan Stock and this is therefore a Related Party Transaction as defined in the AIM Rules for Companies. Where a company whose shares are listed on AIM enters into a Related Party Transaction, AIM Rule 13 requires the directors of the Company to consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. As all of the Directors are subscribing for January 2008 Loan Stock there are no independent directors. Taking into account the Directors' commercial assessments and the Company's urgent need for additional working capital, CFA, the Company's Nominated Adviser, considers that the terms of the related party transaction with each of Rathbone and Electra are fair and reasonable insofar as the Company's shareholders are concerned. Enquiries:- Hill Station plc Bill Mapstone, Chairman Tel: 01633 833 000 Nominated Adviser to Hill Station plc City Financial Associates Limited Tony Rawlinson, Chairman Tel: 020 7492 4777 Broker to Hill Station plc JMFinn Capital Markets Charlie Cunningham, Associate Director Tel: 020 7600 1658 END
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