Company issues two-year 0% notes and also announces reverse takeover
By Devika Patel
Knoxville, Tenn., Dec. 31 - Tricor plc said it sold unsecured convertible loan notes in a private placement. The deal raised £2.55 million.
The 0% notes mature on Dec. 31, 2012 and are convertible into shares at 0.2p per share.
The conversion price is a 98.57% discount to the closing share price on Dec. 30 of 14p.
The company also said it has entered into a conditional agreement that could lead to a reverse takeover.
Tricor is a London-based exporter of mobile phones and other electrical equipment. The company also sells spectacles.
| Issuer: | Tricor plc
|
| Issue: | Unsecured convertible loan notes
|
| Amount: | £2.55 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | 0.2p
|
| Warrants: | No
|
| Settlement date: | Dec. 17
|
| Stock symbol: | London: TRIC
|
| Stock price: | 16p at close Dec. 31
|
| Market capitalization: | £4.27 million
|
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