Exercise of Option in relatio

RNS Number : 9690N

Kleenair Systems International PLC

21 June 2010

 



KLEENAIR SYSTEMS INTERNATIONAL PLC

(AIM: KSI)

Exercise of Option in relation to Convertible Loan Note

Kleenair Systems International Plc ("Kleenair" or "the Company") announces that under the secured loan note agreement dated 29 July 2009, Global Investment Strategy (UK) Ltd ("GIS") has exercised an option to subscribe for a further £95,588 convertible loan notes (CLNs) of the Company.

The subscription for the further convertible loan notes is made in satisfaction of debts owed by the Company totalling £86,898.44 and is inclusive of 10 per cent commission payable to GIS.

The remaining total number of CLNs over which GIS holds an option to purchase under the agreement is £5,910 together with interest due.

GIS owns 150,000 shares in Kleenair, representing approximately 5 per cent of the current issued share capital and is a company in whose shares John Gunn has a controlling interest. Mr Gunn currently owns 500,001 shares in Kleenair, representing approximately 16.5 per cent. of the current issued share capital. The directors, who have consulted with WH Ireland, consider the terms of this transaction are fair and reasonable insofar as the shareholders of Kleenair are concerned.

Contacts:
Kleenair Systems International plc	www.kleenairsystems.co.uk
Sarah Pozner, Company Secretary	[phone]
Biddicks	www.biddicks.co.uk
Zoë Biddick	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
JN Wakefield / Marc Davies	[phone]

 

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