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Alexander David Securities

  • BY: Andrew Hore |
  • POSTED: 20/12/2013 |

Shell Alexander David Securities has raised 400,000 to help finance the costs of a possible reverse takeover. 

Planwise Group, which owns 25.9% of the company, has subscribed for 400,000of convertible loan notes. The annual interest rate is 13%. The funds can only be used for the costs of the proposed deal and if it goes ahead the loan is convertible at 0.04p a share. If the loan is not converted it will be repaid by the end of June 2014 at the latest.

Planwise had been in talks with the company about a reverse taleover but they ended at the end of August.

Trading in the shares was suspended on19 December at 0.09p a share.

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