Conversion of convertible unsecured loan stock

RNS Number : 4703N

Walker Crips Group plc

09 September 2013

 



9 September 2013

Walker Crips Group plc

Conversion of convertible unsecured loan stock                                      

Walker Crips Group plc ("Walker Crips" or the "Company"), the financial services group, announces that it has converted a further £3.03 million of the £4.0 million in nominal value of Convertible Unsecured Loan Stock ("CULS") issued to it by Liontrust Asset Management plc ("Liontrust") in part consideration for its acquisition of Walker Crips Asset Managers Limited ("WCAM") in 2012. £0.9 million in nominal value of CULS was converted in March 2013.

The CULS was converted into ordinary shares of 1 pence each in the capital of Liontrust ("Shares") on the basis of one Share for each £1 in nominal value of CULS. The 3,030,000 Shares subsequently issued and allotted to the Company as a result of the conversion of the CULS have been sold, at a price of 217.6 pence per Share, for a consideration of approximately £6.6 million.

Commenting, Rodney FitzGerald, CEO of Walker Crips, said:

"The opportunity to convert the vast majority of the remaining CULS and sell the Shares at a price substantially above the conversion price has allowed the Company to realise an overall gain on the disposal of WCAM which is substantially in excess of the headline value announced in April 2012 and to strengthen further the Company's balance sheet and financial flexibility. The net proceeds of the sale of the Shares will be used to drive our continuing strategy of growth and expansion."

For further information please contact:

Walker Crips Group plc
Marilyn Grant		Tel: [phone]

 

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