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Castleton Technology Issues Shares Following Loan Note Conversion (ALLISS)

Tue, 05th Jul 2016 16:05

LONDON (Alliance News) - Castleton Technology PLC on Tuesday said it has issued 250,000 shares after the former owners of Opus Technology Group Ltd exercised its right to convert GBP100,000 worth of unsecured loan notes into equity.

Opus Technology Group Ltd is a software provider to the social housing market and was acquired by Castleton back in March 2015. The shares were exercised and then issued to the sellers of Opus priced at 40.0 pence each - 46% less than Castleton's current share price.

Castleton shares closed down 1.2% on Tuesday at 73.10 pence per share.

The Opus vendors have committed to not sell any of the shares within the next 12 months. The 250,000 shares represent around 0.32% of the enlarged issued share capital of Castleton.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance