LONDON (Alliance News) - Feng Shui specialists New Trend Lifestyle Group PLC said Thursday it issued 50 million shares in settlement of a debt owed to a trade creditor.
The company issued the shares at 1 pence each for a total of GBP500,000.
The share issue will settle part of the SGD2.3 million, equivalent to GBP1.3 million, debt owed to Zue Zuen Enterprise. The remaining debt will be deferred by 18 months, the company added.
Admission to trading on AIM is expected to take place on July 25, following which the company will have 175 million shares in issue.
New Trend Lifestyle shares were untraded at 1.12p each on Thursday.