Malvern International PLC Loan Conversion and Share Subscription (1681N)
21 October 2016 - 9:31AM
UK Regulatory
TIDMMLVN
RNS Number : 1681N
Malvern International PLC
21 October 2016
21 October 2016
Malvern International Plc
("Malvern" or the "Company")
Loan Conversion and Share Subscription
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Malvern is pleased to announce that it has agreed with with KSP
Investments Pte Limited ("KSP") that of a further GBP178,404 of its
loan to the Company will be converted into 3,568,080 ordinary
shares at a conversion price of 5 pence per share. (the "Loan
Conversion").
The Company has also pleased to announce that CG Corp, (a
Cinnovation group company) has subscribed for 4,579,840 new
ordinary shares at a price of 5 pence per share raising GBP228,992
(the "Share Subscription"). The proceeds of the Share Subscription
will provide additional working capital and facilitate the
continued development of certain new initiatives as outlined in the
interim report.
As each of KSP and CG Corp are substantial shareholders in the
Company, the Loan Conversion and the Share Subscription are each
classified as related party transactions for the purposes of AIM
Rule 13. The independent directors in respective of each
transaction, consider, having consulted with WH Ireland Limited,
the Company's nominated adviser, that the terms of the Loan
Conversion and the Share Subscription are fair and reasonable
insofar as the Company's shareholders are concerned.
As a result of the Loan Conversion and the subscription KSP and
CG Corp will be issued with 3,568,080 and 4,579,840 new ordinary
shares respectively (the "New Ordinary Shares"). Following
Admission of the New Ordinary Shares the shareholdings of KSP and
CG Corp will be as follows:
Name Existing New ordinary Shareholding Percentage
holding shares arising immediately of share
of Ordinary from Loan following capital
Shares Conversion Loan Conversion/ immediately
/ Share Share Subscription following
Subscription Loan Conversions
----------------- ------------- ---------------- -------------------- ------------------
KSP Investments
Pte Limited
and connected
parties 24,023,037 3,568,080 27,591,117 29.9%
----------------- ------------- ---------------- -------------------- ------------------
CG Corp 23,011,282 4,579,840 27,591,122 29.9%
----------------- ------------- ---------------- -------------------- ------------------
Application has been made for the 8,147,920 New Ordinary Shares
arising pursuant to the Loan Conversion and Share Subscription to
be admitted to trading on AIM. Dealings are expected to commence on
26 October 2016.
In accordance with the provisions of the Disclosure and
Transparency Rules of the Financial Conduct Authority, the Company
confirms that, following these transactions, its issued share
capital will comprise 92,277,983 Ordinary Shares of 5p each. All of
the Ordinary Shares have equal voting rights and none of the
Ordinary Shares are held in Treasury. The total number of voting
rights in the Company is therefore 92,277,983. This figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Disclosure and Transparency Rules.
ENDS
For further information, please contact:
Malvern International plc
Haider Sithawalla
Tel: 65 641 20733
WH Ireland Limited (NOMAD & Broker)
Mike Coe / Ed Allsopp
Tel: 0117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 21, 2016 04:31 ET (08:31 GMT)