TIDMACC
RNS Number : 4450V
Access Intelligence PLC
10 July 2009
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10 JULY 2009
ACCESS INTELLIGENCE PLC
("Access Intelligence")
Additional GBP100,000 Convertible Loan Note Issue
Following the announcement on the 1st July 2009 of the acquisition of Ether-Ray
Limited ("Ether-Ray") for a consideration of GBP2.413 million (subject to
certain adjustments) payable in cash, and the issue of GBP1.75 million of
Convertible Loan Notes, the Board of Access Intelligence is pleased to announce
the issue of a further GBP100,000 of Convertible Loan Notes.
Convertible Loan Notes
The principal terms and conditions of the Convertible Loan Notes (the "Loan
Notes") are as follows:
* the nominal amount of the Loan Notes shall be GBP1;
* the holders of the Loan Notes shall at their discretion be entitled to convert
any Loan Notes into new ordinary shares in Access Intelligence at any time, at a
price of 4 pence per share;
* interest on the Loan Notes shall accrue at 6 per cent. per annum and shall be
paid to the holders of the Loan Notes semi-annually;
* Access Intelligence reserves the right to redeem the Loan Notes, in whole or in
part, at any time within 18 months of the issue date at a 10% premium; and
* any Loan Notes not converted on 9 July 2014 shall be redeemed.
SF t1ps Smaller Companies Growth Fund, who has subscribed for the above Loan
Notes, has agreed not to convert its Loan Notes into ordinary shares until
Access Intelligence has sufficient authorisations in place for the relevant new
shares to be issued.
The conversion price represents a discount of approximately 10 per cent to the
closing mid-market price of 4.38 pence per existing ordinary share of Access
Intelligence on 9 July 2009, being the last dealing day prior to the date of
this announcement.
For further information:
+----------------------------------------------------+-------------------+
| Access Intelligence plc | |
+----------------------------------------------------+-------------------+
| Michael Jackson (Executive Chairman) | 020 7831 5088 |
+----------------------------------------------------+-------------------+
| Jeremy Hamer (Finance Director) | 07977 234 614 |
+----------------------------------------------------+-------------------+
| | |
+----------------------------------------------------+-------------------+
| Astaire Securities Plc - Nominated Adviser & | |
| Broker | |
+----------------------------------------------------+-------------------+
| Shane Gallwey / Lindsay Mair | 020 7448 4400 |
+----------------------------------------------------+-------------------+
| | |
+----------------------------------------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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