Completion of Restructuring
14 Janvier 2010 - 8:40AM
UK Regulatory
TIDMRDP
RNS Number : 5373F
Radicle Projects Plc
14 January 2010
Radicle Projects PLC
("Radicle" or the "Company")
Completion of Restructuring
Radicle (EPIC: RDP.L), the AIM quoted UK company which owns and operates
Australian agribusiness projects, is pleased to announce that following approval
by more than 75 per cent. of the holders of the Series A Convertible Note
("Note") the restructuring of the Note has now been completed. The Company also
confirms that the Placing of 27.4 million new ordinary shares which raised
GBP822,000 before expenses, as announced on 15 December 2009, has been completed
and the Placing Shares have been admitted to trading on AIM.
Under the terms of the restructuring the face value of the Notes has been
reduced to GBP9.06 million, being 60 per cent. of the original GBP15.10 million
face value. The face value will escalate back to 100 per cent. over the
remaining term of the Notes on a monthly basis, to maturity in June 2012. The
coupon interest payment due on 31 December 2009 has been deferred until 30 June
2010.
Interest will be paid at 8 per cent. per annum on the face value of the debt,
which provides Radicle with a substantial cash saving going forward.
Radicle proposes to apply cash raised from planned asset sales to reduce debt by
buying the Notes back at the reduced face value prevailing at the time, after
coupon obligations have been met.
Following the admission of the Placing Shares, the Company's Enlarged Issued
Share Capital will be 51,673,971 ordinary shares.
For further information please contact:
+--------------------------------------------------+-------------------+
| Radicle Projects PLC | 020 7016 5300 |
+--------------------------------------------------+-------------------+
| Tim Bennett | +61 (0) 3 8611 |
| | 6711 |
+--------------------------------------------------+-------------------+
| | |
+--------------------------------------------------+-------------------+
| Charles Stanley Securities | 020 7149 6000 |
+--------------------------------------------------+-------------------+
| Nominated Advisor and Broker | |
+--------------------------------------------------+-------------------+
| Russell Cook / Ben Johnston | |
+--------------------------------------------------+-------------------+
| | |
+--------------------------------------------------+-------------------+
| Amstel Securities N.V. | 020 7822 7116 |
+--------------------------------------------------+-------------------+
| Romil Patel | |
+--------------------------------------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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