and culs v attractive26 Jan 2015 22:33
The Loan Notes are repayable at par on the third anniversary of their issue together with interest which accrues on the principal outstanding at 3% per annum in the first year rising to 7.5% per annum in the second and third year following their issue. The Loan Notes carry the right, subject to the Company's ordinary shareholders passing the relevant resolution at a general meeting, to be converted, at a future date, into such number of Ordinary Shares as is equal to the principal and interest outstanding on the Loan Notes to be converted divided by the lower of either:
· 2.5p, representing a premium of 92% to the closing mid-market price of 1.3p on 17 November 2014; or
· the closing mid-market price on the last trading day before the Company receives notice of the intended conversion of the Loan Notes.