By Devika Patel
Knoxville, Tenn., Oct. 30 - African Medical Investments plc said it has arranged a £28.7 million equity line of credit with Harbinger Capital Partners Master Fund I, Ltd.
The company will draw down every quarter until the first quarter of 2013. At the end of the three-year period, Harbinger will own 50% plus 1000 shares of the total issued share capital of African Medical.
The first draw down consists of 74,001,000 shares for £13.3 million. The subscription price will range from 23p in the first quarter of 2010 to 71p per share in the first quarter of 2013.
Proceeds will be used to advance the company's roll out strategy of healthcare facilities, boutique hospitals and Well Woman Clinics across Africa for the next three years.
Based in London, African Medical provides healthcare in Africa.
| Issuer: | African Medical Investments plc
|
| Issue: | Equity line of credit
|
| Amount: | £28.7 million
|
| Tenor: | Three years
|
| Price: | 23p to 71p
|
| Warrants: | No
|
| Investor: | Harbinger Capital Partners Master Fund I, Ltd.
|
| Pricing date: | Oct. 30
|
| Stock symbol: | London: LKI
|
| Stock price: | 19.25p at close Oct. 30
|
| Market capitalization: | £22.5 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
