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New Trend Lifestyle (NTLG)

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Tuesday 03 January, 2017

New Trend Lifestyle

Refinancing of Convertible Loan Notes

RNS Number : 1296T
New Trend Lifestyle Group plc
03 January 2017
 

Embargoed 07.00am

3 January 2017

 

New Trend Lifestyle Group plc

("NTLG" or "the Company" or "the Group")

 

REFINANCING OF CONVERTIBLE LOAN NOTES

 

New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui specialist, announces that it has agreed with the noteholders of the SGD 1,140,000 Convertible Loan Notes issued in May 2014 (the "Loan Notes"), which were due for repayment on 31 December 2016, to refinance the Loan Notes on the following terms :

·     The Loan Notes (net of certain repayments of SGD80,000) are to be replaced with new convertible loan notes (the "New Loan Notes") issued by the Company's wholly owned subsidiary, New Trend Lifestyle Pte Ltd ("NTL"), NTL having assumed the indebtedness of the Loan Notes by way of novation and issued the New Loan Notes to the holders, with their consent, in substitution for the Loan Notes

·     The aggregate amount of the New Loan Notes is SGD1,060,000

·     The New Loan Notes will pay interest at 3 per cent per annum, and will be convertible into new ordinary shares in NTL at SGD3 per ordinary share

·     NTL may at any time before 31 December 2018, the final repayment date, subject to giving not less than 20 business days' notice, repay any amount of the principal and interest outstanding under the New Loan Notes. The noteholder is entitled to exercise conversion rights in the period of 10 business days after receiving the notice of repayment given by NTL

·     NTL has the right to require conversion of the any amount outstanding under the New Loan Notes at any time up to the final repayment date

·     The noteholders can apply for conversion of amounts in multiples of SGD300 at any time up to the final repayment date

·     If the full aggregate amount of the New Loan Notes are converted into shares of NTL, this would result in the issue of up to 353,333 shares in NTL, and the noteholders would hold 10.54% of the newly enlarged share capital of NTL

As a result of this refinancing, the Company will not issue any shares, or be liable to repay the Loan Notes, and NTL will assume the obligations of this under new terms.  On a Group basis, net debt will remain materially unchanged.

This announcement contains inside information as stipulated under the market abuse regulation (eu no. 596/2014).

For further information:

 

New Trend Lifestyle Group Plc     

Gregory Collier, Non-Executive Chairman - +44 (0) 7830 182501

 

SPARK Advisory Partners Limited (NOMAD)          

Mark Brady/Neil Baldwin - +44 (0) 20 3368 3551

 

SI Capital Ltd (Broker)

Nick Emerson/Andy Thacker - +44 (0)1483 413500


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