Last checked at 30 Jan 2009 08:05
IQ Holdings plc ("IQ Holdings" or the "Company")
Conversion of Director loan to equity
As disclosed in the Company's Admission Document dated 9 December 2008, in respect of a reverse acquisition and placing which has successfully completed today, at a Board meeting on 21 August 2008, the Company entered into a financial arrangement whereby John Christopher Green made a cash loan of £40,000 and Julian Everard Green (CEO of the Company ) made a cash loan of £4,000 to the Company. At a board meeting on 5 December 2008 it was agreed that these loans be converted at Re-Admission into Ordinary Shares at the Placing Price. Such Ordinary Shares to be beneficially owned by Julian Everard Green.
Re-Admission occurred at 8am this morning and as such the loan conversion has taken effect. As disclosed in the announcement earlier today of the completion of the transaction, Julian Everard Green's holding in the company is now 179,134,375 ordinary shares representing 14.7% of the Enlarged Share Capital.
The loan conversion constitutes a related party transaction under the AIM Rules for Companies. The Directors (other than Neil McGowan) having consulted the Company's Nominated Adviser, Grant Thornton UK LLP, consider the terms of the loan conversion to be fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries
Julian Green IQ Holdings plc Tel: 020 8099 0560 Website: www.iqresearch.co.uk
Jenni Herbert / Gemma O'Hara
Bishopsgate Communications Ltd
Tel: 020 7562 3350
Email: iqholdings@bishopsgatecommunications.com
Fiona Kindness / Gerry Beaney
Grant Thornton UK LLP (Nomad)
Tel: 0207 383 5100
Ian Callaway / Peter Manfield
SVS Securities plc (Broker)
Tel: 0207 638 5600
For details of the transaction please see the Company's announcement made on 10 December 2008. For the full Admission Document, please visit the Company's website at www.iqresearch.co.uk
Unless otherwise defined in this announcement, capitalised words and phrases used in this announcement shall have the same meanings given to them in the Admission Document dated 9 December 2008.