27 Jun 2008 07:00
27 June 2008
Earthport plc ("Earthport" or the "Company")
Conversion of Loan Stock and Exercise of Staff Options
Following the receipt of formal notices of Conversion of Loan Stock in respect of Loan Notes No1 2006 maturing on 30 June 2008, the Company has issued and allotted 2,358,735 Ordinary shares of 10p each.
£766,365 of Loan Notes was converted into 2,189,614 Ordinary Shares at a price of 35p per share. In addition interest of £59,192 has been satisfied by the issue of 169,121 Ordinary Shares at a price of 35p per share. Both transactions were carried out at the option of the note holder.
Staff Options over 155,000 new Ordinary Shares of 10p each in the Company have been exercised at 35pand 29p per share, realising £46,150 for the Company.
As a result application has been made for 2,513,735 Ordinary Shares of 10p each in the Company to be admitted to AIM on Wednesday 2 July 2008.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company.
Following the admission of the new Ordinary Shares, the Company's issued share capital will consist of 78,928,375 Ordinary Shares of 10p each, with voting rights.
This figure may be used by shareholders in the Company, to determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency rules.
Mike Harrison, Executive Chairman, commented: "We are delighted to continue the improvement of the Company's balance sheet and to understand that the note holder of the Loan Stock remains a committed investor in Earthport through equity."
-Ends-
Earthport plc
Mike Harrison, Executive Chairman +44 (0)20 7220 9700
James Bergman, Chief Executive Officer +44 (0)20 7220 9700
Dawnay, Day Investment Banking
Adam Pollock
Nick Lovering +44 (0)20 7630 4100
Financial Dynamics
Jonathon Brill / Annie Evangeli +44 (0)20 7831 3113