Conversion of Loan Notes in Paraytec Limited

RNS Number : 6778B

Braveheart Investment Group plc

24 September 2018

 

24 September 2018

Braveheart Investment Group plc

("Braveheart" or the "Company")

Conversion of loan note results in majority interest in Paraytec Limited

Braveheart Investment Group plc (AIM:BRH), the fund management and strategic investor group, is pleased to announce that following the conversion of £89,655 of loan notes previously advanced to Paraytec Limited ("Paraytec") into 20,582 Paraytec A ordinary shares, Braveheart now holds, in aggregate, 56.5 per cent. of the currently issued share capital of Paraytec. 

At the same time as the conversion of £89,655 of loan notes mentioned above, other third party holders of £16,400 of loan notes also converted such loan notes into A ordinary shares.

In the year ended 31 October 2017, Paraytec incurred a loss after tax of £74,174 and at that date had net liabilities of £143,772 (including the £106,055 of loan notes mentioned above).

In the Chief Executive Officer's Report in the accounts for the year ended 31 March 2018, the following operational update was provided on Paraytec: "In 2017 Paraytec took action to focus its business activities and reduce its fixed cost base. Its objective was to ensure the business was profitable based on the royalty income stream from its two main licensees - Malvern Panalytical Ltd and Pion Inc. Concurrently, the company commenced two, key grant funded, R&D projects to develop new product lines for the future. This strategy worked well and the business is now profitable and cash positive."

For further information:

Braveheart Investment Group plc Viv Hallam, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / Nicholas Chambers	Tel: [phone]
Peterhouse Capital Limited (Joint Broker) Heena Karani / Lucy Williams	Tel: [phone]

 

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