Trading Update and Proposed Corporate Transaction
June 28 2010 - 10:30AM
UK Regulatory
TIDMRDP
RNS Number : 3605O
Radicle Projects Plc
28 June 2010
28 June 2010
Radicle Projects plc
("Radicle Projects" or the "Company")
Director Change, Trading Update and Proposed Corporate Transaction
Radicle Projects, the AIM quoted UK company which owns and operates Australian
agribusiness assets, announced on 9 June and 25 June 2010 that the Board was
continuing with the restructuring of the Company to reduce its cash outgoings.
The Company has approached the holders of the GBP15.1 million Series A
Convertible Loan Note (the "Loan Notes") (XS0305254939) (the "Note Holders")
with proposals to convert their Loan Notes into ordinary equity at or near the
current Radicle share price. The Company is also considering the acquisition of
certain other Australian operating agribusinesses and assets similar to those
owned by Radicle to be satisfied by the issue of new ordinary shares in the
Company at or near the current Radicle share price, in conjunction with a change
to the Radicle Projects Board.
Tim Bennett has announced his intention to resign as CEO and Director of Radicle
Projects, upon an irrevocable commitments from Note Holders representing at
least 75% of the Loan Notes to support the proposals put forward.
The Board anticipates that if conversion of the Series A Convertible Loan Notes
into ordinary shares in the Company take place, it will create a stronger
platform for the future growth with a greatly expanded institutional shareholder
base.
The Board anticipates that details of these proposals, which will be conditional
upon shareholder approval at a General Meeting, will be announced shortly.
There can therefore be no certainty as to whether the proposals will be
progressed nor as to the terms on which any such proposals will be made.
Further announcements will be made as and when appropriate.
Enquires:
+----------------------------------+---------------+
| Radicle Projects PLC | |
+----------------------------------+---------------+
| John McLennan | +61 (0) 3 |
| | 8611 6711 |
+----------------------------------+---------------+
| | 020 7016 5300 |
+----------------------------------+---------------+
| | |
+----------------------------------+---------------+
| Charles Stanley Securities | |
+----------------------------------+---------------+
| Nominated Adviser | |
+----------------------------------+---------------+
| Russell Cook / Ben Johnston | 020 7149 6000 |
+----------------------------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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