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Eco City Vehicles

  • BY: Andrew Hore |
  • POSTED: 25/12/2014 |

Eco City Vehicles is planning to raise £250,000 through the issue of convertible loan notes.

Begbies Traynor was appointed as administrator on 17 October. The proposed CVA has been approved at the meeting on 22 December, although creditors’ can objected up until 20 January. Unsecured creditors are likely to receive 5.1p in the pound under the CVA and that is likely to cost £143,000. The CVA will fail if the cash is not raised to pay the creditor dividend.

The subscribers to the convertibles include Henderson and Nigel Wray’s Euroblue Investments.

The par value of the shares will be cut from 1p to 0.008p a share. Every £1 of loan stock is convertible into 12,500 shares – the new par value. The suspension price was 0.35p.

The conversion will take place once shareholder approval for the proposals is received on 20 January and the shares return from suspension – that requires publication of the figures for the six months to June 2014.

The new investment policy focuses on the technology, media and telecoms sectors.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2014_63.pdf

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