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600 Group restructures 2022 loan notes, extends redemption date

Thu, 15th Jul 2021 17:19

(Alliance News) - The 600 Group PLC on Thursday announced the successful restructuring of the company's 2022 8% Loan Notes and associated warrants to subscribe for new shares in the company at a price of 20 pence each.

In addition, the redemption date of the loan notes and the expiry date of the warrants have been extended by 18 months to August 14, 2023.

Elland, England-based 600 Group is a diversified industrial engineering company.

Haddeo Partners - of which Paul Dupee, the executive chair of 600 Group is the managing partner - is a holder of GBP810,000 of the Loan Notes and 5.1 million warrants.

The Independent Directors of the company being, Stephen Fiamma, Derek Zissman and Stephen Rutherford consider, having consulted with the company's nominated adviser, that the terms of the extension are fair and reasonable insofar as the company's shareholders are concerned.

Shares in 600 Group closed down 5.3% at 13.50 pence each in London on Thursday.

By Amrit Sahota; newsroom@alliancenews.com