Horticultural products supplier William Sinclair is raising £8.24m via a convertibles issue in order to accelerate the development of its Ellesmere Port site and boost marketing of its brands.
The secured redeemable convertible loan notes last for five years and the interest declines from 11% to 8% as the principal reduces. The conversion price is 159p a share. There are also warrants to subscribe for 5.665m shares exercisable at 80p a share.
The company is moving its bank facilities to a new bank. Facilities of more than £20m have been offered.
A 2012-13 loss of £500,000 is forecast.
A hearing will take place next summer concerning Natural England’s purchase of Bolton Fell.
At 102.5p a share, William Sinclair is valued at £17.5m.
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