bergen asset management18 Feb 2015 19:38
so bergen have another 115 million for the markets tomorrow?
http://www.investegate.co.uk/txo-plc--txo-/rns/issue-of-equity/201502131430048743E/
The Company announces that it has received notice of exercise of conversion rights in respect of £49,900, being the final balance of the £425,000 convertible security issued as announced on 19 February 2014 ("February Convertible").
Under the convertible securities issuance deed announced on 11 February 2014 ("the Deed"), 49,900,000 Ordinary Shares therefore fall to be issued at a conversion price of 0.1p ("Conversion Shares"). Under the Deed, an additional 65,609,260 Ordinary Shares are being issued by way of a fee ("Fee Shares").
As a result, 115,509,260 Ordinary Shares, being the total of the Conversion Shares and the Fee Shares (the "New Ordinary Shares"), fall to be issued by the Company.
Following the issue of the New Ordinary Shares, Bergen Asset Management will have fully and finally exercised all conversion rights under the February Convertible and the outstanding balance will be zero. The commercial arrangement with Bergen Asset Management will then be concluded.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place on 19 February 2015.
The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Following Admission, the Company's enlarged issued share capital will comprise 1,331,677,636 Ordinary Shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,331,677,636 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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