Completion of Restructuring

 

TIDMRDP 
 
RNS Number : 5373F 
Radicle Projects Plc 
14 January 2010 
 

 
 
Radicle Projects PLC 
("Radicle" or the "Company") 
 
 
Completion of Restructuring 
 
 
Radicle (EPIC: RDP.L), the AIM quoted UK company which owns and operates 
Australian agribusiness projects, is pleased to announce that following approval 
by more than 75 per cent. of the holders of the Series A Convertible Note 
("Note") the restructuring of the Note has now been completed. The Company also 
confirms that the Placing of 27.4 million new ordinary shares which raised 
GBP822,000 before expenses, as announced on 15 December 2009, has been completed 
and the Placing Shares have been admitted to trading on AIM. 
 
 
Under the terms of the restructuring the face value of the Notes has been 
reduced to GBP9.06 million, being 60 per cent. of the original GBP15.10 million 
face value.  The face value will escalate back to 100 per cent. over the 
remaining term of the Notes on a monthly basis, to maturity in June 2012. The 
coupon interest payment due on 31 December 2009 has been deferred until 30 June 
2010. 
 
 
Interest will be paid at 8 per cent. per annum on the face value of the debt, 
which provides Radicle with a substantial cash saving going forward. 
 
 
Radicle proposes to apply cash raised from planned asset sales to reduce debt by 
buying the Notes back at the reduced face value prevailing at the time, after 
coupon obligations have been met. 
 
 
Following the admission of the Placing Shares, the Company's Enlarged Issued 
Share Capital will be 51,673,971 ordinary shares. 
 
 
 
 
 
 
For further information please contact: 
 
 
+--------------------------------------------------+-------------------+ 
| Radicle Projects PLC                             |     020 7016 5300 | 
+--------------------------------------------------+-------------------+ 
| Tim Bennett                                      |    [phone] | 
|                                                  |              6711 | 
+--------------------------------------------------+-------------------+ 
|                                                  |                   | 
+--------------------------------------------------+-------------------+ 
| Charles Stanley Securities                       |     020 7149 6000 | 
+--------------------------------------------------+-------------------+ 
| Nominated Advisor and Broker                     |                   | 
+--------------------------------------------------+-------------------+ 
| Russell Cook / Ben Johnston                      |                   | 
+--------------------------------------------------+-------------------+ 
|                                                  |                   | 
+--------------------------------------------------+-------------------+ 
| Amstel Securities N.V.                           |     020 7822 7116 | 
+--------------------------------------------------+-------------------+ 
| Romil Patel                                      |                   | 
+--------------------------------------------------+-------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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