LONDON (Alliance News) - Plethora Solutions Holdings PLC Monday said its share capital will shrink after the administrators for its Urology Co business said it would pay off part of a loan that the unit owed.
Plethora in February said it had decided to appoint administrators for Urology Co, following a strategic review in which it decided to focus all its efforts on commercializing its premature ejaculation treatment.
In a statement Monday, it said the administrators had informed Capital for Enterprise Fund that it intends to make a full and final distribution to the fund of GBP43,068 in its capacity as secured lender. The revised amount of principal outstanding under the Capital for Enterprise Fund loan will be GBP769,595, excluding accrued interest and a redemption premium.
"The impact of this partial repayment is to reduce the fully diluted share capital of the company by 2,547,277 shares, as the CFE loan, redemption premium and accrued interest to March 2015 is convertible at 2p per share," Plethora said.
Its new fully-diluted share capital will be 713.3 million shares, assuming all outstanding warrants and options in the company are converted.
Plethora shares were down 3.8% at 10.1 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
