Loan Conversions

RNS Number : 7341A
AEC Education plc
09 June 2016
 

AEC Education Plc
("AEC" or the "Company")

 

Loan Conversions

 

 

AEC is pleased to announce that it has agreed with certain shareholders that loans from them amounting in aggregate to £853,951 shall be converted into ordinary shares in the Company at a value of 5 pence per share.

 

The Company has agreed that £646,000 of its outstanding loan balance with KSP Investments Pte Limited ("KSP") and £207,951, being the remainder of its outstanding loan balance with  CG Corp, (a Cinnovation group company) will be converted into ordinary shares in the Company at a price of 5 pence per share (the "Loan Conversions").

 

As each of KSP and CG Corp are substantial shareholders in the Company, the Loan Conversions are classified as related party transactions for the purposes of AIM Rule 13.  Liam Swords, an independent director for these purposes, considers, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the Loan Conversions are fair and reasonable insofar as the Company's shareholders are concerned.

 

As a result of the Loan Conversion KSP and CG Corp will be issued with 12,920,000 and 4,159,020 new ordinary shares respectively (the "New Ordinary Shares")

Application has been made for the 17,079,020 New Ordinary Shares arising pursuant to the Loan Conversions to be admitted to trading on AIM. Dealings are expected to commence on 15 June 2016.

Following Admission of the New Ordinary Shares the shareholdings of KSP and CG Corp will be as follows:  

Name

Existing holding of Ordinary Shares

New Ordinary Shares arising from Loan Conversions

Shareholding immediately following Loan Conversions

Percentage of share capital immediately following Loan Conversions

KSP Investments Pte Limited and connected parties

11,103,037

12,920,000

24,023,037

29.98%

CG Corp

18,852,262

4,159,020

23,011,282

28.72%

In accordance with the provisions of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following this issue, its issued share capital will comprise 80,130,063 Ordinary Shares of 5p each. All of the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company is therefore 80,130,063. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

ENDS

 

 

For further information, please contact:

 

AEC Education Plc

Liam Swords

Tel: 07725 836811

 

WH Ireland Limited (NOMAD & Broker)

Mike Coe / Liam Gribben

Tel: 0117 945 3470


This information is provided by RNS
The company news service from the London Stock Exchange
 
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