Issue of 2nd tranche of loan notes

RNS Number : 7060H

600 Group PLC

18 March 2015

 

The 600 Group PLC

Issue of 2nd tranche of loan notes

Further to the announcement made on 16 February 2015, the 600 Group PLC ("600" or "the Company"), the machine tools and laser marking company, is pleased to announce that it has successfully raised a further £955k through the issue of the 2nd tranche of loan notes ("the Loan Notes").

The Loan Notes represent a further issuance of the loan notes constituted by a loan note instrument dated 14 February 2015, the first tranche of which was issued on 18 February 2015 ("the 1st Tranche"). The Loan Notes mature on 14 February 2020 and carry a coupon of 8% payable quarterly in arrears. The Loan Notes are redeemable at any time after 14 February 2016 without any penalty. It is intended that the Loan Notes will be listed on the Bermuda Stock Exchange shortly.

Consistent with the 1st Tranche, subscribers for the Loan Notes are also entitled to receive warrants, with an expiry date of 14 February 2020, to subscribe for 4.775m ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 20 pence per Ordinary Share. The grant of the warrants will be subject to shareholder approval (which the Company is confident will be granted) at a General Meeting of the Company ("GM") to be held at 10.30a.m. today at the offices of Pinsent Masons LLP, 30 Crown Place, Earl Street, London, EC2A 4ES.

Following this grant, there will be 42.320m warrants in issue. 2.4m of these warrants expire on 27 August 2015 and 39.920m warrants expire on 14 February 2020.  All of the warrants have an exercise price of 20p.

Proceeds from the Loan Note issue will be used to finance further increases in working capital and/or additional investment in Group businesses.

A further announcement will be made in due course in relation to the listing of the Loan Notes on the Bermuda Stock Exchange.

More information on the Group can be viewed at: www.600group.com

Enquiries:
The 600 Group PLC	Tel: [phone]
Nigel Rogers, Chief Executive
Neil Carrick, Finance Director
SPARK Advisory Partners Limited (NOMAD)	Tel: [phone]
Sean Wyndham-Quin / Miriam Greenwood
Cadogan PR Limited (Financial PR)	Tel: [phone]
Alex Walters
FinnCap (Broker)	Tel: [phone]
Tony Quirke/Mia Gardiner (Sales/Broking)

 

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