Issue of 3rd tranche of loan notes

RNS Number : 4860X

600 Group PLC

28 August 2015

 

28 August 2015

The 600 Group PLC

Issue of 3^rd tranche of loan notes

Further to the announcements made on 16 February 2015 and 18 March 2015, The 600 Group PLC ("the Group"), the AIM listed distributor, designer and manufacturer of industrial products (AIM: SIXH),  is pleased to announce that it has successfully raised a further £806k through the issue of the 3rd 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") and the second tranche on 18 March 2015 ("the 2^nd Tranche"). The Loan Notes mature on 14 February 2020 and carry a coupon of 8% payable quarterly in arrears and 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.

As with the 1^st Tranche and 2^nd Tranche, subscribers for the Loan Notes are also entitled to receive warrants, with an expiry date of 14 February 2020, to subscribe for 4.03m 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 was approved at a General Meeting of the Company ("GM") held on 18 March 2015.

Following this grant, there will be 46.350m warrants in issue 2.4m of these warrants expire on 27 August 2015 and 43.950m 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 working capital.

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]
Paul Dupee, Executive Chairman
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)

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

 

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