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Accident Exchange (~268)

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Tuesday 04 December, 2007

Accident Exchange

Convertible Notes Pricing

Accident Exchange Group PLC
03 December 2007


FOR IMMEDIATE RELEASE                                       3 December 2007

                           Accident Exchange Group Plc


Accident Exchange Group Plc ('Accident Exchange' or the 'Company') announces
that the offering (the 'Offering') of GBP 50.0 million principal amount of
Convertible Notes ('Notes') due 2013 announced this morning has been completed.
The Company will use the proceeds of the offering to repay GBP 5 million of the
Company's existing secured facility and to provide additional working capital
facilities to the Company and its subsidiaries.

The Notes are structured as 5 year, premium redemption convertible notes with a
fixed coupon of 5.50% (payable semi-annually) and a yield to maturity of 9.75%
per annum. The initial conversion price was set at £1.0773 which represents a
conversion premium of 20% above the £0.8977 reference price. The issue price is
set at 100% and the redemption price is 126.6%.

The Offering is expected to close on or around 4 January 2008, subject to the
passing of certain shareholder resolutions in connection with the Notes at an
Extraordinary General Meeting being called for the purpose ('EGM'). If these
resolutions are not approved, the Company has the option not to proceed with the
issue of the Notes. A circular is expected to be despatched later this week to
shareholders convening the EGM.

It is intended that an application will be made for the Notes to be admitted to
listing on the Official List of the UK Listing Authority and to trading on the
London Stock Exchange plc's Professional Securities Market.

The Offering will be made outside the United States exclusively to institutional
investors and other 'qualified investors' (as defined in the E.U. Directive 

Morgan Stanley is acting as Sole Bookrunner and Lead Manager in connection with
the Offering.



Accident Exchange Group Plc
Steve Evans, Chief Executive                                    08700-116 719
Martin Andrews, Group Finance Director                          08700-053 649

Morgan Stanley
Joel Hope-Bell                                                  020-7425-8698
Antoine de Guillenchmidt                                        020-7677-9726

Numis Securities Ltd                                            020-7260-1000
Chris Wilkinson, Corporate Broking

Steve Liebmann or Simon Bloomfield                              020-7367-8888

About Accident Exchange

Based in Coleshill, West Midlands, Accident Exchange delivers accident 
management and other solutions to automotive and insurance related sectors.  
Fully listed, the stock code is LSE: ACE. For further information on Accident 
Exchange, please visit the company's website:

This press release does not constitute an offer to sell or a solicitation of an
offer to purchase any securities in the United States. The securities referred
to herein (including the Notes and the ordinary shares of the Company) have not
been and will not be registered under the U.S. Securities Act of 1933, as
amended (the 'Securities Act') or the laws of any state within the United
States, and may not be offered or sold in the United States or to or for the
account or benefit of U.S. persons, except in a transaction not subject to, or
pursuant to an applicable exemption from, the registration requirements of the
Securities Act or any state securities laws. This press release and the
information contained herein may not be distributed or sent into the United
States, or in any other jurisdiction in which offers or sales of the securities
described herein would be prohibited by applicable laws and should not be
distributed to U.S. persons or publications with a general circulation in the
United States. No offering of the Notes is being made in the United States.

This press release is for information only and does not constitute an offer to
sell, purchase, exchange or transfer any securities or a solicitation of any
such offer. This communication is directed only at persons who (i) are outside
the United Kingdom or (ii) have professional experience in matters relating to
investments or (iii) are persons falling within Article 49(2)(a) to (d) ('high
net worth companies, unincorporated associations etc') of The Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons together
being referred to as 'relevant persons'). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only to
relevant persons and will be engaged in only with relevant persons.

In connection with the Offering, Morgan Stanley (the 'Stabilising Manager') or
any person acting on behalf of the Stabilising Manager, may over-allot and
effect transactions with a view to supporting the market price of the Notes at a
level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager (or persons acting on behalf of the
Stabilising Manager) will undertake stabilisation action. Any stabilisation
action, if begun, may be ended at any time, but it must end no later than the
earlier of 30 days after settlement and 60 days after the allotment of the

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

a d v e r t i s e m e n t