Boston International Holdings PLC - special purpose acquisition company based in Surrey - Sells GBP251,000 in convertible loan notes due in September 2022.
Emirates Fund Exchange PLTD subscribes for GBP51,000 of the convertible loan notes and sells its entire holding of 5.1 million shares for 1p each. Boston International Director Borden James subscribes for the remaining GBP200,000.
Boston International Chair Christopher Pitman and Non-Executive Director Martin Lampshire each buy 2 million shares, 4.6% of the current issued share capital, from Emirates.
A GBP200,000 drawn down loan facility from Boston Merchant HK, which had been novated to James, has been converted into 20 million new ordinary shares priced at 1p each. James will sell the shares for 1p each to new investors.
Company applies to admit the 20 million new shares to the London Stock Exchange, bringing company total issued shares to 63.9 million. Expects newly issued shares to begin trading around July 14.
Current stock price: 1.88 pence, down 16% on Thursday afternoon
Year-to-date change: down 25% since March 9
By Scarlett Butler; scarlettbutler@alliancenews.com
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Boston Int (BIH)