Adm Energy Regulatory News (ADME)

29 Feb 2008 17:22

Pan Pacific Aggregates PLC29 February 2008 Pan Pacific Aggregates plc 29 February 2008 Exercise of Convertible Loan Notes. The Board of Pan Pacific Aggregates plc (AIM: PPA) ('PPA' or 'the Company')reports that, on 29 February 2008, RAB Special Situations (Master) Fund Limited)('RAB') converted £821,229.07 of Secured Convertible Loan Notes issued by theCompany (the 'Loan Notes') arising from the capitalisation of interest,resulting in the issue of 32,242,994 new ordinary shares in the Company, at aconversion price of 2.547 pence per share (the 'Conversion Price'). RAB has also been issued with a further 10,208,088 new ordinary shares insatisfaction (at the Conversion Price) of a redemption premium of £260,000payable on the first redemption or conversion of any of the Loan Notes. Thedirectors of the Company consider, having consulted with the Company's NominatedAdviser, Hanson Westhouse, that the satisfaction of the redemption premium bythe issue of shares is fair and reasonable so far as the Company's othershareholders are concerned. In reaching its opinion Hanson Westhouse has hadregard to the financial position of the Company and has relied on the Directors'commercial assessment. In addition, RAB has been issued with warrants over a further 16,121,497ordinary shares in the Company, which can be exercised at the Conversion Pricewithin the 2 years from the date of issue. RAB now holds a total of 55,557,832 ordinary shares in the Company, orapproximately 52.15 % of the enlarged issued share capital. It is expected thatthe new ordinary shares will be admitted to trading on Thursday 6 March 2008. Enquires: Pan Pacific Aggregates plcWilliam Voaden Tel: 020 7096 9580 Hanson Westhouse LimitedLouis Castro Tel: 020 7601 6100 This information is provided by RNS The company news service from the London Stock Exchange