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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 16/02/2009 |
- COMMENTS: Add yours
Advanced Power Components has raised £400,000 from a convertible loan note issue in order to finance its KVAR energy-saving business.
The convertibles have been bought by new and existing shareholders, including former chief executive Roger Robinson who subscribed for £100,000 of convertibles.
The convertibles mature on 10 February 2014 and pay interest of 8% a year. The conversion price is “the lower of the mid-market price on 10 February 2009 - 12.5p a share - and the mid-market price for the 14 days following the conversion date”.
Net cash was £392,000 at the end of August 2008.
At 12.5p a share, APC is valued at £2.79m.
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