EKF Diagnostics Holdings PLC Notice of loan redemption (4054V)
16 April 2016 - 12:53AM
UK Regulatory
TIDMEKF
RNS Number : 4054V
EKF Diagnostics Holdings PLC
15 April 2016
15 April 2016
EKF Diagnostics Holdings plc
(the "Company" or the "Borrower")
Notice of loan redemption
EKF Diagnostics Holdings plc (AIM: EKF) announces that it has
served notice to redeem the GBP3 million convertible loan
("Convertible Loan") from Zwanziger Family Ventures LLC (the
"Lender").
Under the terms of the convertible loan the Borrower is entitled
to repay the entire Convertible Loan giving the Lender at least 20
days' notice. The Lender has the right to serve a conversion notice
on the Borrower at any time giving not less than 10 days' notice.
If the Convertible Loan is converted, at the option of the Lender,
the conversion price per share is 14.4 pence per share (being a 20
per cent. premium to the Company's share price on 22 December
2015).
North Atlantic Smaller Companies Investment Trust PLC ("NAIT")
has agreed to provide to a loan facility of GBP3 million to EKF
with interest accruing a LIBOR plus 5%, payable every 6 months in
arrears, with security over the assets of the Company ranking
behind HSBC (the "Loan"). There is no early re-payment penalty or
ability to convert into ordinary shares of the Company.
Christopher Mills as non-executive Chairman of the Company.
Harwood Capital LLP is investment manager to NAIT. Harwood Capital
LLP is a limited liability partnership of which Christopher Mills
is a partner and Chief Investment Officer. Therefore the Loan
constitutes a related party transaction. EKF's Directors, with the
exception of Christopher Mills, consider, having consulted with its
nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.
EKF Diagnostics Holdings Tel: 029 2071 0570
plc
Julian Baines, CEO
Richard Evans, FD &
COO
Panmure Gordon (UK) Tel: 020 7886 2500
Limited
Robert Naylor (Corporate
Finance)
Paul Fincham (Corporate
Finance)
Walbrook PR Limited Tel: 020 7933 8780 or ekf@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
This information is provided by RNS
The company news service from the London Stock Exchange
END
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