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Kenetics Group Ltd (KEN)

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Wednesday 30 July, 2008

Kenetics Group Ltd

Issue of Debt

RNS Number : 2190A
Kenetics Group Limited
30 July 2008
 



For Immediate Release

Kenetics Group Limited (the 'Company')

The Directors are pleased to announce that they have raised S$1,000,000 (approximately GBP 372,000) by the issue of a convertible loan, due 30 June 2009 (the 'Loan'). The Loan may be converted on written notification ('Notice of Conversion') at any time from 1 August 2008 in whole or in part.  Interest is not due and payable save in the event that the Company fails to repay the Loan on the due date. In that event, interest will be payable at the rate of 6 per cent per annum.

The terms of conversion are as follows:

(i)    the exchange rate is fixed at S$2.69 to GBP1.00;

(ii)    the conversion price shall be the lower of GBP0.12 ; or

(iii)    the average price of the last three transactions prior to the date of receipt of Notice of Conversion.

The Lender is Wong Kai Yun, a sister of Ken Wong Kai En who has given certain warranties to the Lender. Ken Wong Kai En is Chairman of the Company.

In the event of full conversion of the Loan, and assuming a conversion price of GBP0.12, the number of new ordinary shares which could be issued would be 3,100,000 and would represent around 10.53 per cent of the Company's enlarged issued share capital.


For further information:

Kenetics Group Limited.

Yeong Hin Yuen                   Tel: +65 6749 0083 

www.kenetics-group.com



Zimmerman Adams International Ltd

Graeme Thom                    Tel:  (0)20 7060 1760

Mira Shukanayeva           Tel: (0)20 7060 1760

www.zimmint.com



30 July 2008     


This information is provided by RNS
The company news service from the London Stock Exchange
 
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