Electronic components distributor Advanced Power Components has doubled its stake in energy efficiency business Minimise to 36.2% and it is in discussions to buy further shares.
APC is paying £67,000 in cash and issuing 1.21m shares at a notional share price of 11p each.
Former boss Roger Robinson is subscribing for £175,000 of convertible loan notes. This will help to pay the cash consideration and replace a £75,000 working capital loan. The convertibles have an annual interest rate of 8% and mature in August 2017. The conversion price is the lower of 11p a share and the average mid-market price for the 14 days preceding the conversion date. More convertibles will be issued if further shares are acquired in Minimise.
Roger Robinson has converted £100,000 of existing loan notes at 7.5p a share. This takes his stake, along with family trusts, to 25.3%.
At 7.5p a share, APC is valued at £1.93m.
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