Director/PDMR Shareholding and Loan Back of Monies
Dated: 13 April 2007
KleenAir Systems International
(`KleenAir' or the `Company')
Director's Dealing and Loan Back of Monies
The Company has today been informed that Bramley Limited, ("Bramley") a company
owned by a discretionary trust of which Lionel Simons, the Chairman of the
Company, and his family, are potential beneficiaries, sold 882,353 Ordinary 1p
shares at 17p per share on 12 April 2005. The sale was made through the market
by Falcon Securities, the Company's broker. The gross proceeds of this disposal
are £150,000.
Bramley has in turn agreed to make a loan to the Company of £150,025 by way of a
loan note subscription (the "Loan Note"). These funds will be used to provide
working capital for received orders, and Bramley is in discussions with the
Company about making available additional facilities. The Loan Note is
convertible, at the option of either Bramley or the Company, at a price of 17p
per share, equivalent to a total of 882,500 Ordinary 1p shares. A resolution
will be put before shareholders at the Company's next Annual General Meeting to
give the Directors powers to allot sufficient new Ordinary 1p shares in the
Company to allow for the full conversion of the loan note. If the Loan Note is
not converted, it will be due for redemption, at par, on 31 March 2010. The
Loan Note is unsecured and carries an interest rate equivalent to the base rate
of Barclays Bank Plc, accruing on a daily basis and compounded annually on 22
March each year until maturity.
Following the disposal, Bramley will hold 3,117,647 Ordinary Shares,
representing 15.74% of the voting rights of the Company. Lionel Simons will now
have beneficial interests in a total of 4,117,647 Ordinary Shares, representing
20.79% of the voting rights of the Company.
For further information please contact:
Peter Newell 07786 333 046
peter.newell@kleenairsystems.co.uk
Nick Harriss 020 7512 0191
ARM Corporate Finance Ltd
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