|
|
(''Ace'' or "the Company'')
Issue of Ordinary Shares, Convertible Notes and Warrants
The directors of
The Open Offer was in respect of convertible loan notes to a value of
Applications supported by cash subscriptions were received to a value of
As a result, Convertible Notes totalling
The Convertible Loan Notes have a two-year expiry and interest is payable at 5% per annum. If all the Convertible Loan Notes are converted into shares at the end of the two year term then 526,370 Ordinary Shares will be issued in respect of interest on the principal and 5,263,700 Ordinary Shares will issued in respect of the principal.
In the event that all Convertible Notes were converted into Ordinary Shares and all Warrants were exercised, the New Ordinary Shares, including shares issued in respect of interest as outline above, will represent approximately 22 per cent. of the Enlarged Share Capital.
Finally, 127,911 Ordinary Shares have been issued in respect of arrangement fees and a further 41,667 Ordinary Shares were issued to the holder of the short term loan note of
The above figure of 40,254,202 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the
The Directors accept responsibility for this announcement.
- Ends -
For further information, please contact:
|
|
|
Tel: +44 (0) 20 7201 8340 |
|
|
|
|
|
Tel: +44 (0) 20 3772 0021 |
|
|
|
|
Notes to Editors
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.
For more information on the Company please visit www.acelibertyandstone.com
This information is provided by RNS