FWIW6 Aug 2009 09:42
this is what i see as the important bit
Conversion - The Loan Notes are convertible at any time by the noteholders into
Ordinary Shares at the rate of 46,182.05 Ordinary Shares in respect of each
US$1,000 of Loan Notes converted, subject to adjustment in the event of (i) a
subdivision or further consolidation of share capital or (ii) a dividend. If any
fractions of an Ordinary Share fall to be allotted on conversion, the Ordinary
Shares representing such fractions will not be allotted to the relevant
converting noteholder but will be aggregated and sold and the net proceeds of
sale will be distributed pro rata among the persons entitled thereto. The
number of Ordinary Shares to be issued on conversion of each US$1,000 Loan Note
was based on a calculation that converted the US$12.5 million loan and notional
interest at 7.5% p.a. to 31 December 2012 into sterling at the then prevailing
exchange rate of 1.415, and then converting it into Ordinary Shares at 2p.
Resolutions will be proposed at the General Meeting to increase the share
capital of the Company from GBP10,000,000 to GBP20,000,001 by the creation of
1,000,000,000 new Ordinary Shares and the B Share and to amend the Company's
articles of association to set out the rights attaching to the B Share.