13 Feb 2017 13:00
Aggregated Micro Power Holdings plc
("AMP", the "Company" or the "Group")
Further issue of Convertible Loan Notes
Aggregated Micro Power Holdings plc (AIM: AMPH), which specialises in the sale of wood fuels and the development of distributed energy projects, is pleased to announce a further issue of £600,000 nominal of convertible loan notes (the "Convertible Notes") at par (the "CLN Issue"). The CLN Issue is in addition to the £1.9m fundraising which completed in December 2016 simultaneous with the acquisition of PEL Limited bringing the total fundraising to £2.5m. The Company will use the new funds raised for growth working capital.
The Convertible Notes have an 8 per cent. coupon per annum, paid quarterly in arrears and redeem at par, if not previously converted, on 30 March 2021. The Convertible Notes will have a conversion price equal to 86 pence per ordinary share of 0.5p each in the capital of the Company ("Ordinary Shares").
After 31 March 2018, the Company can redeem the Convertible Notes at par or the Convertible Note holder can convert the Convertible Notes into Ordinary Shares. The Convertible Notes will be listed on the Channel Islands Securities Exchange shortly and will rank parri passu with the tranches of convertible notes which were issued in August 2016 and December 2016.
The first tranche of convertible loan notes were issued in March 2016 and are identical in every respect, save for the conversion price, which is 70 pence per Ordinary Share.
Following the CLN Issue the Company has a total of £10,012,100 of convertible loan notes in issue.
Enquiries:
Aggregated Micro Power Holdings plc www.ampplc.co.uk
Richard Burrell, CEO Tel: 020 7382 7800
Neil Eckert, Executive Chairman
finnCap Ltd (NOMAD & Broker) Tel: 020 7220 0500
Ed Frisby/Simon Hicks (corporate finance)
Stephen Norcross (corporate broking)
Haggie Partners (Financial PR) Tel: 020 7562 4444
Peter Rigby/Brian Norris
Notes to Editors:
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of Wood Fuels and in the installation of distributed energy projects. AMP's wholly owned subsidiary Forest Fuels sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation facilities which aim to balance the transmission grid at times of peak demand.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.