Best deal ever?7 Apr 2014 10:24
The Company received a notification from a holder of a Convertible Loan Note ("CLN") that he wished to convert £1,500 of CLN into ordinary shares of the Company. The CLN converts into shares at a price of 0.5 pence per ordinary share. As a result of the conversion the Company will issue 300,000 new ordinary shares.
Wow the sharre price is sitting on a 300-400 fold premium to the conversion price - the CLN holder will be very rich if he/she sells their shares. The question (for me) is how many more shares could come onto the market if the remaining CLN in converted to new shraes? Dilution at some point but well done those who got in early - just have an exit price though as this is looking toppy imo