Trading Update and Proposed Corporate Transaction

 

TIDMRDP 
 
RNS Number : 3605O 
Radicle Projects Plc 
28 June 2010 
 

 
 
28 June 2010 
                              Radicle Projects plc 
                      ("Radicle Projects" or the "Company") 
 
       Director Change, Trading Update and Proposed Corporate Transaction 
 
 
Radicle Projects, the AIM quoted UK company which owns and operates Australian 
agribusiness assets, announced on 9 June and 25 June 2010 that the Board was 
continuing with the restructuring of the Company to reduce its cash outgoings. 
 
The Company has approached the holders of the GBP15.1 million Series A 
Convertible Loan Note (the "Loan Notes") (XS0305254939) (the "Note Holders") 
with proposals to convert their Loan Notes into ordinary equity at or near the 
current Radicle share price. The Company is also considering the acquisition of 
certain other Australian operating agribusinesses and assets similar to those 
owned by Radicle to be satisfied by the issue of new ordinary shares in the 
Company at or near the current Radicle share price, in conjunction with a change 
to the Radicle Projects Board. 
 
Tim Bennett has announced his intention to resign as CEO and Director of Radicle 
Projects, upon an irrevocable commitments from Note Holders representing at 
least 75% of the Loan Notes to support the proposals put forward. 
 
The Board anticipates that if conversion of the Series A Convertible Loan Notes 
into ordinary shares in the Company take place, it will create a stronger 
platform for the future growth with a greatly expanded institutional shareholder 
base. 
 
The Board anticipates that details of these proposals, which will be conditional 
upon shareholder approval at a General Meeting, will be announced shortly. 
 
There can therefore be no certainty as to whether the proposals will be 
progressed nor as to the terms on which any such proposals will be made. 
 
 
Further announcements will be made as and when appropriate. 
 
Enquires: 
 
+----------------------------------+---------------+ 
| Radicle Projects PLC             |               | 
+----------------------------------+---------------+ 
| John McLennan                    | +61 (0) 3     | 
|                                  | 8611 6711     | 
+----------------------------------+---------------+ 
|                                  | 020 7016 5300 | 
+----------------------------------+---------------+ 
|                                  |               | 
+----------------------------------+---------------+ 
| Charles Stanley Securities       |               | 
+----------------------------------+---------------+ 
| Nominated Adviser                |               | 
+----------------------------------+---------------+ 
| Russell Cook / Ben Johnston      | 020 7149 6000 | 
+----------------------------------+---------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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