LONDON (Alliance News) - The Kellan Group PLC on Wednesday said it has struck a deal to extend the maturity of its convertible loan notes and said its executive chairman will remain with the company until a new chief executive is found.
Kellan said it has reached an agreement with the holders of its GBP550,000 of loan notes convertible at 2.0 pence per share and with the holders of its GBP811,000 notes convertible at 2.5 pence per share.
The deadline on the loan notes has been extended for two years and will now be redeemable on February 14, 2017.
The company also said Executive Chairman Tony Reeves will remain with the company until a next chief executive is appointed. Reeves had been due to step down this coming Sunday.
Kellan shares were down 2.6% to 0.95 pence on Wednesday midday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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