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31 Mar 2011 16:38
31 March 2011
Baydonhill plc
("Baydonhill" or the "Company")
Conversion of loan and exercise of warrants
Baydonhill (AIM: BHL), one of the UK's leading foreign exchange specialists, announces that it has today agreed with Ekwienox FX Limited ("Ekwienox") that the existing £476,000 loan facility granted by Ekwienox in May 2007, be converted into new ordinary shares ("Ordinary Shares") in the capital of the Company.
Under the terms of the loan agreement, the loan was convertible into new Ordinary Shares at 5.75 pence per share at any time up to the repayment date, 30 September 2011. Since the loan was made, no principal amounts have been repaid. The conversion of the £476,000 loan will reduce the Company's indebtedness and strengthen its balance sheet.
In addition, the Company has received an exercise notice from Ekwienox in respect of 300,000 warrants to subscribe for new Ordinary Shares at 12 pence per share.
The conversion of the loan will result in the issue of 8,278,260 Ordinary Shares and the exercise of the warrants results in the issue of a further 300,000 Ordinary Shares. Accordingly, application will be made for a total of 8,578,261 shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective and dealings are expected to commence on 8 April 2011. Following Admission, Ekwienox will be interested in 43,969,635 Ordinary Shares, representing 74.29 per cent of the issued share capital of the Company, as enlarged by the loan conversion and warrant exercise. On Admission, the Company will have a total of 57,833,751 Ordinary Shares in issue.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
Enquiries:
Baydonhill Plc Wayne Mitchell (Chief Executive Officer) Sarah Collis (Finance Director)
| +44 207 594 0515 |
Merchant Securities Limited (Nominated Adviser and Broker)
Bidhi Bhoma / Simon Clements +44 207 628 2200
Square1 Consulting Limited
David Bick / Mark Longson +44 207 929 5599
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