News blog
Albany Capital
- BY: Andrew Hore |
- POSTED: 06/03/2008 |
- COMMENTS: Add yours
Albany Capital isn’t issuing £6m of convertible loan notes as planned.
Westminster Enterprises has withdrawn from the agreement to subscribe for these loan notes.
The £6m of convertible unsecured loan notes 2011 were convertible at 2.85p a share. Albany consolidated 25 shares into one new share on 28 February. The equivalent conversion price is 71.25p. The shares have fallen sharply since the original agreement and are trading at 34.5p.
No reason was given for the withdrawal but the fall in the share price may have been a factor.
The withdrawal also means that Albany won’t be able to use an associated loan facility of £6m.
The net asset value at the end of February 2008 was 57.1p a share, so the shares are trading at a 40% discount to that figure.
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