ACC.L Regulatory News (ACC)

10 Jul 2009 07:00



10 JULY 2009

ACCESS INTELLIGENCE PLC

("Access Intelligence")

Additional £100,000 Convertible Loan Note Issue

Following the announcement on the 1st July 2009 of the acquisition of Ether-Ray Limited ("Ether-Ray") for a consideration of £2.413 million (subject to certain adjustments) payable in cash, and the issue of £1.75 million of Convertible Loan Notes, the Board of Access Intelligence is pleased to announce the issue of a further £100,000 of Convertible Loan Notes.

Convertible Loan Notes

The principal terms and conditions of the Convertible Loan Notes (the "Loan Notes") are as follows:

the nominal amount of the Loan Notes shall be £1;

the holders of the Loan Notes shall at their discretion be entitled to convert any Loan Notes into new ordinary shares in Access Intelligence at any time, at a price of 4 pence per share; 

interest on the Loan Notes shall accrue at 6 per cent. per annum and shall be paid to the holders of the Loan Notes semi-annually; 

Access Intelligence reserves the right to redeem the Loan Notes, in whole or in part, at any time within 18 months of the issue date at a 10% premium; and 

any Loan Notes not converted on 9 July 2014 shall be redeemed.

SF t1ps Smaller Companies Growth Fund, who has subscribed for the above Loan Notes, has agreed not to convert its Loan Notes into ordinary shares until Access Intelligence has sufficient authorisations in place for the relevant new shares to be issued. 

The conversion price represents a discount of approximately 10 per cent to the closing mid-market price of 4.38 pence per existing ordinary share of Access Intelligence on 9 July 2009, being the last dealing day prior to the date of this announcement. 

For further information: