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PSource Struct Debt (PSD)

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Thursday 03 November, 2011

PSource Struct Debt

Portfolio Update

RNS Number : 4699R
PSource Structured Debt Limited
03 November 2011


("PSD", the "Company")


Sale of holding in Sentinel and repayment of bank debt


PSource Structured Debt Limited announces the sale of its holding in Sentinel Technologies on 2 November 2011 for $5.6 million.


Following the transaction, PSD will receive the following amounts:


·     $5,348,647 repayment of debt immediately

·     $221,246 for warrants immediately

·     up to a further $55,501 for the warrants in 12 months time subject to certain conditions


The immediate cash ($5,569,893) and the total consideration ($5,625,394) are both higher than PSD's holding value of its position in Sentinel at the end of September of $5,528,202.


PSource Structured Debt Limited's net debt position at the end of September was $4,444,847.


Soondra Appavoo, Managing Director of PSource Capital Limited commented:


"This transaction represents good value for shareholders during a difficult market environment. It also enables us to repay our bank debt. This represents an important milestone for the Company, three years after the collapse of Sterling, the original cause of the hedging liability."





Soondra Appavoo

PSource Capital Limited

020 7925 3156


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

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