Feedback Regulatory News (FDBK)

2 Mar 2007 14:31

Feedback PLC02 March 2007 Feedback plc ("the Company") Issue of Equity and Compulsory Conversion of Preference Shares Feedback PLC announces that yesterday it received conversion notices fromcertain holders of the Company's 10 per cent. (net) convertible redeemablecumulative preference shares of £1 ("Preference Shares") to convert, inaggregate 405,719 Preference Shares having a nominal paid up value of £543,405into 2,717,025 ordinary shares of 10p each in the Company ("Ordinary Shares").Further details regarding the Preference Share holders who have converted theirPreference Shares are set out below. Pursuant to a block listing, granted on 28 November 2006, 2,468,329 OrdinaryShares have been admitted to AIM. An application has been made for a further248,696 Ordinary Shares to be admitted to AIM and it is anticipated that theshares will be admitted to trading on AIM with effect from Thursday 8 March2007. Following this conversion of Preference Shares, there will be 15,099,196Ordinary Shares in issue and 365,095 Preference Shares. Furthermore, as aconsequence of these conversions, 75 per cent. of the holders of PreferenceShares have now exercised their right to convert their Preference Shares intoOrdinary Shares. Pursuant to the Articles of Association of the Company, theCompany has given four weeks notice to require all holders of Preference Shareswhich have not converted to compulsorily convert, from the expiry of suchnotice, the whole of their holding of Preference Shares into new OrdinaryShares. The basis of conversion is 5 ordinary shares for every £1 in nominal amount ofpreference shares. Arrears of dividend due to holders of Preference Shares isconverted on the same basis so that 5 ordinary shares will be issued for every£1 of arrears of dividend. The notice will expire on 30 March 2007 at whichtime the remaining Preference Shares will be converted into Ordinary Shares. Although the Ordinary Shares to be issued on conversion will not rank for anydividend in respect of the year ended 31 March 2007, they will rank pari passuin all other respects with the existing Ordinary Shares. Preference Sharesconverted in 2007 will not rank for Preference Share dividends after conversion. Assuming no further conversions during the notice period, the remaining 365,095Preference Shares having a nominal paid up value of £502,529 will convert into2,512,645 new Ordinary Shares and there will then be 17,611,841 Ordinary Sharesin issue. Application has been made to AIM and it is anticipated that admission of the2,512,645 new Ordinary Shares, arising upon compulsory conversion, to trading onAIM will become effective and that dealings will commence on Monday 2 April. Changes in interests As referred to above, the Company yesterday received conversion notice fromcertain Preference Share holders, as detailed below: 1. In their capacity as trustees of the Blackman Will Settlement, DavidHarding, Chairman, and John Westcott, a non-executive director, converted235,405 Preference Shares with a nominal paid up value of £315,645 into1,577,325 Ordinary Shares; 2. John Westcott and Mrs HF Westcott converted 51,000 Preference Shareswith a nominal paid up value of £68,048 into 340,240 Ordinary Shares; and 3. the trustees of the Westcott Family Trust converted 119,314 PreferenceShares with a nominal value of £159,892 into 799,460 Ordinary Shares. Accordingly, David Harding is now non-beneficially interested in 4,067,461Ordinary Shares representing 26.94per cent. of the Company's current issuedOrdinary Share capital (prior to the compulsory conversion process). In addition, John Westcott is now beneficially interested in 287,088 OrdinaryShares representing 1.90 per cent. of the Company's current issued OrdinaryShare capital (prior to the compulsory conversion process) and non-beneficiallyinterested in 4,067,461Ordinary Shares representing 26.94 per cent. of theCompany's current issued Ordinary Share capital (prior to the compulsoryconversion process). Finally, the Westcott Family Trust now holds 2,991,369 Ordinary Sharesrepresenting 19.81per cent. of the Company's current issued Ordinary Sharecapital (prior to the compulsory conversion process). 2 March 2007 Enquiries: Charles Stanley Securities 020 7149 6457 Philip Davies This information is provided by RNS The company news service from the London Stock Exchange