40m shares if converted18 Mar 2013 21:53
In 2009 the Group issued £850,000 of convertible unsecured loan stock to a number of investors including key members of the Board and senior management team. The conversion price of the loan stock is 5p per ordinary share, and the maturity date is 31 January 2015. This morning the Group has announced that it has reached agreement to raise a further £1,150,000 of convertible loan stock on the same terms. These funds will be used to underpin the Group's expansion strategy, and will mitigate the risk noted above in respect of the BlueCrest revolving credit facility.