PipeHawk Plc Further re. Convertible Unsecured Loan Notes

 
TIDMPIP 
 
9 November 2018 
 
                                 PipeHawk plc 
 
                         ("PipeHawk" or the "Company") 
 
                 Further re. Convertible Unsecured Loan Notes 
 
The Board of Pipehawk provides the following update in respect of the GBP1 
million Convertible Unsecured Loan Notes (the "CULS") that were issued on 13 
August 2010, to Gordon Watt, Chairman of the Company. On 13 November 2014, the 
Company and Gordon Watt entered into an agreement to extend the repayment date 
of the CULS from 13 August 2014 to 13 November 2018 and to change the 
conversion price from 7p to 5p per share. 
 
The Company announces that it has today entered into a letter of amendment to 
extend the repayment date of the CULS to 13 August 2022. Gordon Watt may elect 
to convert the CULS into ordinary shares, at any time prior to 13 August 2022. 
Interest remains payable at a rate of 10 per cent. per annum on the principal 
amount outstanding until converted, prepaid or repaid, calculated and 
compounded on each anniversary of the issue of the CULS. The conversion price 
of the CULS remains at 5 pence per share. On conversion of any CULS, any unpaid 
interest shall be paid within 20 days of such conversion. 
 
Gordon Watt is the Executive Chairman of the Company and is therefore a related 
party under the AIM Rules. Accordingly, the entering into the letter of 
amendment is a related party transaction under the AIM Rules. 
 
The independent directors, being Soumitra Padmanathan and Randal MacDonnell, 
having consulted with the Company's nominated adviser, Allenby Capital Limited, 
consider the terms of the letter of amendment to be fair and reasonable insofar 
as the Company's shareholders are concerned. 
 
Enquiries: 
PipeHawk Plc                                       Tel. No. 01252 338 959 
Soumitra Padmanathan (Finance Director) 
 
Allenby Capital Limited (Nomad and Broker)         Tel. No. 020 3328 5656 
David Worlidge / Asha Chotai 
 
 
 
END 
 

(END) Dow Jones Newswires

November 09, 2018 05:48 ET (10:48 GMT)