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Proventec

  • BY: Andrew Hore |
  • POSTED: 06/09/2010 |

Proventec has come to an agreement in principle about the restructuring of its loan notes and debt.

Proventec has got the backing of holders of more than 75% of the £15m worth of 8.5% convertible loan notes in issue. The plan is to convert most of the loan notes and around £6m of debt into shares at 57p each. The loan note holders will own more than 61% of the enlarged share capital.

Proventec will be able to get its hands on £1.5m of the proposed cash injection when the scheme has come into force. 

At the suspension price of 27.5p a share, Proventec is valued at £4.24m. The shares will remain suspended until the scheme of arrangement is effective. That should be in November.

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