News blog
Proventec
- BY: Andrew Hore |
- POSTED: 08/07/2010 |
Proventec’s 36.2% shareholder InnoConcepts and three-quarters of the loan note holders have agreed to a restructuring of the steam cleaning systems supplier’s loan notes.
There are £15m worth of 8.5% convertible loan notes in issue. The plans have not been spelt out in detail but there will be a significant conversion of debt and loan notes into equity while the loan notes will have a reduced value and interest rate. There will also be a cash injection of £2.5m.
The shares will continue to be suspended until there is a shareholder meeting to vote on the proposals.
The shares were suspended on 21 June. At the suspension price of 27.5p a share, Proventec is valued at £4.24m.
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