28 Nov 2013 07:01
28 November 2013
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Conversion of Loan Notes
Plethora Solutions Holdings plc (AIM: PLE) announces it has received notice from Maven Capital Partner LLP, as manager of the Capital for Enterprise Fund LP ("CfE") to convert £200,000 in principal of its £1 million loan note to ordinary shares. The Conversion will be effective at the close of business on 3 December 2013. Interest on the loan note is being accrued in accordance with the restructuring announced on 18 March 2013 and an amount of £21,326 will have accrued to that date and be converted to new ordinary shares. In addition, the loan carries a redemption premium of 25% of the principal value and consequently a redemption premium of £50,000 will arise on conversion. This will also be paid by the issue of new ordinary shares. In total 13,566,300 new ordinary shares will be issued at 2p per share to satisfy the aggregate of £271,326 arising on the conversion.
Application will be made for the new ordinary shares issued on conversion of the loan notes to be admitted to trading on AIM ("Admission") and it is expected that Admission will take place on 4 December 2013.
Following Admission, the Company will have 408,995,175 ordinary shares in issue. This figure may be used by shareholders in Plethora 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 share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
-Ends-
Enquiries:
Plethora Solutions Ronald Openshaw, CEO Mike Wyllie, CSO Mike Collis, CFO | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / James Felix (Nomad) Martin Lampshire (Broker) | Tel : +44(0) 20 7776 6550
|
Hybridan LLP (Joint Broker) Claire Louise Noyce William Lynne |
Tel: +44(0) 20 7947 4350 Tel: +44(0) 20 7947 4361
|
Britton Financial PR Tim Blackstone | Tel: + 44 (0) 20 7242 9786 +44 (0) 7957 140416 |
About Plethora:
Plethora is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE.L). Further information is available at www.plethorasolutions.co.uk
Plethora is focussed on seeking to launch PSD502 for the treatment of premature ejaculation.
About PSD502 & Premature Ejaculation:
PSD502 is a topical spray for the treatment of premature ejaculation containing lidocaine and prilocaine in a eutectic-like mixture. The Company anticipates launch in 2014.
Premature ejaculation is possibly the most common form of sexual dysfunction in men. Epidemiological studies conducted in the US and in Europe indicate a prevalence of 20 - 30% in men of all ages. There is currently no globally approved and effective pharmaceutical treatment for this condition.
In the absence of any widely approved pharmaceutical therapy with good patient acceptance, the premature ejaculation market offers significant potential for development and growth. An effective drug therapy for premature ejaculation may have a comparable commercial potential to the erectile dysfunction drugs.