9 May 2013 10:30
9 May 2013
New Trend Lifestyle Group plc
("NTLG" or "The Company")
Convertible Loan Note to raise up to £250,000
New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui specialist, is pleased to announce that it has created a convertible loan note ("Loan Note") to raise up to £250,000 in response to demand from new investors wishing to participate in the Company's expansion plans. The monies raised, together with the existing cash resources, will be used to fund NTLG's ongoing working capital requirements as it continues to implement its strategy of further expansion in mainland China.
The Loan Note will pay interest at 12 per cent. per annum and will be convertible by the Note Holder into new Ordinary Shares in the Company at a price of 10p per Ordinary Share at any time between the date of issue and the third anniversary thereof. In the event that the conversion does not take place the Loan Note is repayable by the Company on 30 April 2016. The conversion price of 10p is at a 48% premium to the mid-price of 6.75p as at the close of market on 8 May 2013.
The Company has issued £100,000 of Loan Notes to date, and will be actively marketing the Loan Note over the coming months.
Application will be made to the London Stock Exchange for any new Ordinary Shares (which rank parri passu with the existing Ordinary Shares) to be admitted to trading upon conversion.
Lawrence Cheung, finance director of NTLG commented:
"This convertible loan note issue providers new investors with the opportunity to participate in our exciting expansion plans into mainland China. The funds raised will be used alongside our existing cash reserves to drive the business forward."
For further information:
New Trend Lifestyle PLC Robert Goddard, Chairman Lawrence Cheung, CFO James Tan, Non Executive Director
| 0207 653 9850 |
Zeus Capital (NOMAD and broker) Corporate Finance Ross Andrews Andrew Jones Institutional Sales John Goold
| 0161 831 1512
020 7016 8925 |
Newgate Threadneedle Alex White Heather Armstrong | 0207 653 9850 |
About New Trend Lifestyle
The Company was established in 2005 by Master Hillary Phang. NTL's Feng Shui services include building and office design consultancy, astrology readings, marriage matching, aura readings and business talks and seminars for large corporations. These have recently been complemented by Tarot Cards readings and an on-line dating service using Feng Shui principles.
NTL is one of the leading branded Feng Shui consultancies in Asia, selling its services to a mixture of high profile businessmen, political figures, business enterprises and the general public. It provides lifestyle guidance to customers, which leads to the provision of a number of products and services.
Feng Shui is endemic in Chinese communities throughout the world and influences many aspects of personal, business and even Government activities and is the basis on which the Company has created a profitable business with a strong brand and deep-seated cultural drivers.