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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Proventec | LSE:PROV | London | Ordinary Share | GB00B2R1Q018 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPROV RNS Number : 0090P Proventec PLC 08 July 2010 +------------------------------+------------------------------+ | Press Release | 8 July 2010 | +------------------------------+------------------------------+ Proventec Plc ("Proventec" or the "Company") Agreement in Principle reached and Further Update re Suspension Further to the announcements on 21 and 25 June, the Board of Proventec is pleased to announce that following the agreement between InnoConcepts N.V. ("InnoConcepts") Proventec's major shareholder with 36.2% of the share capital, and the representatives of 75% of the GBP15 million 8.5% fixed rate convertible guaranteed unsecured loan notes 2012, Proventec has now reached agreement in principle for a comprehensive restructuring with the representatives of the loan notes which includes: +----+-------------------------------------------------------+ | · | a cash injection of GBP2.5 million; | | | | +----+-------------------------------------------------------+ | · | a reduced value and coupon loan note; and | | | | +----+-------------------------------------------------------+ | · | a significant conversion of debt and loan notes into | | | equity. | +----+-------------------------------------------------------+ It is likely that the restructuring will require the approval of shareholders and it is the intention of the Board that, if so required, an appropriate circular to shareholders calling a general meeting of the Company, and setting out any necessary resolutions for shareholder approval together with a more detailed explanation of the background to the proposals and the terms agreed, will be sent out as soon as possible. Until such time as the circular with regard to the above agreement can be published, the Company will remain suspended pending clarification of its financial position which is expected shortly. A further announcement will be made in due course. - Ends - For further information, please contact: +-----------------------------------+--------------------------+ | Proventec plc | | +-----------------------------------+--------------------------+ | David Chestnutt, Chief Executive | Tel: + 44 (0) 151 706 | | | 0626 | +-----------------------------------+--------------------------+ | dchestnutt@proventecplc.com | www.proventecplc.com | +-----------------------------------+--------------------------+ +-----------------------------------+--------------------------+ | Seymour Pierce Limited | +--------------------------------------------------------------+ | Nicola Marrin | Tel: + 44 (0) 20 7107 | | | 8000 | +-----------------------------------+--------------------------+ | Corporate Finance | www.seymourpierce.com | +-----------------------------------+--------------------------+ Media enquiries: +-----------------------------------+--------------------------+ | Abchurch Communications | | +-----------------------------------+--------------------------+ | Henry Harrison-Topham / Simone | Tel: +44 (0) 20 7398 | | Elviss | 7702 | +-----------------------------------+--------------------------+ | simone.elviss@abchurch-group.com | www.abchurch-group.com | +-----------------------------------+--------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END AGRSSFFMWFSSEFW
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