By Angela McDaniels
Tacoma, Wash., July 6 - AH Medical Properties plc arranged a £2 million 6% secured convertible loan facility, according to a company news release.
The two-year loan is being provided by Graham Peacock and Susan Tobbell, the chief executive and finance director, respectively, of MRH (GB) Ltd.
Interest is payable quarterly.
The loan is convertible into new AH Medical ordinary shares. The conversion price is the lower of 38p and the placing price in an initial public offering subsequently undertaken by the company.
The lenders can elect to convert up to 50% of the loan at any time. Subject to the receipt of shareholder approval, the conversion right will be increased to 100% of the loan.
If the company converts to a real estate investment trust before the maturity of the loan, it can force conversion of the loan or redeem it.
Proceeds will be applied toward the £9.8 million acquisition and construction of three new primary-care property schemes.
The Burnham, England-based company invests in medical properties in the United Kingdom.
| Issuer: | AH Medical Properties plc
|
| Issue: | Secured convertible loan facility
|
| Amount: | £2 million
|
| Maturity: | July 5, 2012
|
| Coupon: | 6%, payable quarterly
|
| Conversion price: | Lower of 38p and future public offering price
|
| Warrants: | No
|
| Investors: | Graham Peacock and Susan Tobbell
|
| Pricing date: | July 6
|
| Stock symbol: | PLUS: AHMP
|
| Stock price: | 30.05p at close July 5
|
| Market capitalization: | £20.03 million
|
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