AorTech International PLC Conversion of loan notes update (6467H)
December 02 2015 - 2:00AM
UK Regulatory
TIDMAOR
RNS Number : 6467H
AorTech International PLC
02 December 2015
AorTech International plc
(the "Company")
Conversion of loan notes update
The Company announced on 26 October 2012 that it had issued
secured loan notes (the "Loan Notes"). The Loan Notes were redeemed
on 1 February 2013, but the Loan Note holders retained the right to
receive from the Company on a change of control payment of a sum
equal to 15% of the aggregate sums to shareholders. At the Annual
General Meeting held on 24 September 2015 shareholder approval was
obtained for the Board to take all necessary steps to allow the
Company to allot shares in exchange for the surrender of these
rights. The Company has now called a general meeting for the Loan
Note holders on 21 December 2015 at which they are proposing to
allot an aggregate of 724,917 new ordinary shares of 5 pence each
in the capital of the Company ("Ordinary Shares") (representing 15%
of the existing issued share capital of the Company) in exchange
for the surrender of all remaining rights under the Loan Notes.
The Company has received sufficient irrevocable commitments to
ensure that the resolution will be passed.
Application has been made for 724,917 new Ordinary Shares to be
admitted to trading on AIM ("Admission") and dealings are expected
to commence on 22 December 2015. The new Ordinary Shares will rank
pari passu with the Company's existing Ordinary Shares.
Both Eddie McDaid and Bill Brown were Loan Note holders and will
be issued 47,928 and 11,982 shares respectively. Their resultant
holdings will be:
Ordinary shares % holding
Eddie McDaid 406,842 7.32
Bill Brown 12,389 0.22
The total number of Ordinary Shares in issue following Admission
will be 5,557,695. Accordingly, the figure of 5,557,695 may be used
by shareholders 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 Company under the FCA's
Disclosure and Transparency Rules.
This information is provided by RNS
For further information contact:
AorTech International plc
Eddie McDaid, Chief Executive Tel: +44 (0)7802 920869
AorTech International plc
Bill Brown, Chairman Tel: +44 (0)7730 718296
finnCap Limited
Jonny Franklin-Adams/ Giles Rolls Tel: +44 20 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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