28 May 2014 07:00
28 May 2014
New Trend Lifestyle Group plc
("NTLG" or "The Company")
Convertible Loan Notes to raise SGD1,140,000
New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui specialist, is pleased to announce that it has created convertible loan notes ("Convertible Notes") to raise SGD1,140,000 (approximately £543,000) in response to demand from new investors wishing to participate in 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 Convertible Notes will pay interest at 3 per cent. per annum and will be convertible into new Ordinary Shares in the Company at a price of 10p per Ordinary Share as follows:
· The Company may at any time before 31 December 2016, the final repayment date, subject to giving not less than 20 business days' notice, repay any amount of the principal and interest outstanding under the Convertible Notes. The noteholder is entitled to exercise conversion rights in the period of 10 business days after receiving the notice of repayment given by the Company.
· The Company has the right to require conversion of the principal amount outstanding under the Convertible Notes (a) if the mid-market price of the Ordinary Shares traded on AIM is more than 16 pence for five consecutive trading days or (b) by giving notice requiring conversion on the Final Repayment Date. Accordingly, the noteholder may not be able to require repayment of the principal amount advanced in subscribing for Convertible Notes if the Company elects to require conversion on the final repayment date.
The conversion price of 10p is at a 42.9% premium to the mid-price of 7p as at the close of market on 27 May 2014.
The Company will issue SGD1,140,000 of Convertible Notes to the new investors. Application will be made to the London Stock Exchange for any new Ordinary Shares (which rank pari passu with the existing Ordinary Shares) to be admitted to trading upon conversion.
The convertible loan note issue announced on 9 May 2013, which has been superseded by this new issue, is now closed.
For further information:
New Trend Lifestyle PLC +65 6533 5082
Robert Goddard, Chairman
Ajay Rajpal, Director & Interim CFO
Zeus Capital (NOMAD and broker)
Corporate Finance: Ross Andrews, Andrew Jones 0161 831 1512
Institutional Sales: John Goold 020 7533 7716
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.