1Spatial Holdings Regulatory News (SPA)

15 Sep 2009 12:12



IQ Holdings plc ('IQ Holdings' or the 'Company')

(AIM: IQH)

Issue of Convertible Loan Notes

The directors of IQ Holdings are pleased to announce that they have raised £150,000 for working capital purposes through the issue of convertible unsecured loan notes ("the Notes").

Interest will accrue from day to day at a rate of ten per cent. per annum, and shall be paid quarterly in arrears, beginning on 31 December 2009. The Notes are unsecured with the final redemption date being  15 September 2014.

Unless previously redeemed, converted into shares or purchased by the Company, the Company shall redeem the Notes in full on 15 September 2014 at par together with accrued, but unpaid, interest up to and including that date. The Company has the option to redeem the Notes earlier at par together with the payment of a full years interest charge of ten per cent. on the original value of the Notes. 

The Notes have been subscribed for by SFt1ps Smaller Companies Growth ("SFt1ps") and Lux Capital Management SA, to a value of £75,000 each. 

Following the issue of these Notes, SFt1ps' interest in the share capital of the Company is 140,000,000 Ordinary Shares (being 110,000,000 ordinary shares as a direct holder of shares, and an interest in 30,000,000 ordinary shares if the Notes were fully converted), which represents 11.10% of the Company's share capital. 

A Noteholder may at any time or times after 15 September 2010 and before 15 September 2014 serve a conversion notice requiring that the Company allot and issue Shares to the Noteholder in respect of the principal amount of the Notes specified in the conversion notice (together with any accrued but unpaid interest) to be converted on the conversion date at 0.25p per share. 

No application has been or shall be made for a listing or for permission to deal in the Notes on any stock exchange or other securities markets.

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