Deal funds acquisition opportunities, general working capital purposes
By Devika Patel
Knoxville, Tenn., April 30 - Marwyn Management Partners plc said it raised £1.5 million by selling convertible loan notes due April 30, 2015 in a private placement.
The interest rate is 10%. Interest is payable in kind.
The notes are convertible into ordinary shares at the option of the holders until Oct. 31, 2012 at the lower of (a) 45p per share and (b) the higher of the issue price of any equity sold by the company during the conversion period and 30p per share.
After Oct. 31, 2012, the note are convertible at the option of the company at the 10-day volume-weighted average price of its ordinary shares, subject to the conversion price being not less than 90% of the market price of its shares on the day immediately prior to conversion.
Proceeds will be used for additional acquisition opportunities and general working capital purposes.
Based in London, Marwyn is a corporate vehicle launched to pursue acquisition-led growth strategies in the public markets.
| Issuer: | Marwyn Management Partners plc
|
| Issue: | Convertible loan notes
|
| Amount: | £1.5 million
|
| Maturity: | April 30, 2015
|
| Coupon: | 10%, payable in kind
|
| Conversion option: | Until Oct. 31, 2012
|
| Conversion price: | The lower of (a) 45p per share and (b) the higher of the issue price of any equity sold by the company during the conversion period and 30p per share
|
| Mandatory conversion: | At the company's option after Oct. 31, 2012 at the 10-day VWAP of its ordinary shares, subject to the conversion price being not less than 90% of the market price on the day immediately prior to conversion
|
| Warrants: | No
|
| Settlement date: | April 30
|
| Stock symbol: | London: MMP
|
| Stock price: | 54.5p at close April 27
|
| Market capitalization: | £31.94 million
|
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