Conversion of Preference Shares
17 November 2008 - 6:30PM
UK Regulatory
FACES COSMETICS PLC
CONVERSION OF PREFERENCE SHARES
The Board of Faces Cosmetics plc (the "Company") announces that 58,828 preference
shares have been converted into 58,828 ordinary shares, in accordance with the
Company's articles of association. The new ordinary shares will rank pari passu
with the existing ordinary shares in issue.
Application has been made for these new ordinary shares to be admitted to
trading on AIM and admission is expected to become effective on 21 November
2008.
In each quarterly period, commencing with the quarter beginning 1 February 2007
and ending with the quarter terminating on 31 July 2011, the holders of
preference shares may convert the preference shares held by them into an
equivalent number of ordinary shares subject to the quarterly maximum
conversion numbers set out in the table below:
Year commencing on 1 August Maximum number of preference
shares that can be converted in
each quarter
2008 1,294,118
2009 1,470,588
2010 1,647,059
Following the receipt of a conversion notice, the Company may elect to redeem
all or some of the preference shares, the subject of that notice.
Any preference shares remaining unconverted on 1 August 2011 shall be subject
to automatic conversion into ordinary shares unless previously redeemed by the
Company.
If there is a general offer for all the ordinary shares which becomes
unconditional in all respects, all the preference shares remaining unconverted
or unredeemed shall be converted into ordinary shares.
Following the conversion of the preference shares, the issued share capital of
the Company will be as follows:
Ordinary Shares Preference Shares
178,448,032 30,034,326
For further information please contact:
Ramesh Jolly Chief Executive Officer Faces Cosmetics plc T: +1(905) 760 0110 Ext.112
Liam Murray Director Dowgate Capital Advisers Ltd T: +44 (0) 20 7492 4777
Aaron Smyth Assistant Director Dowgate Capital Advisers Ltd T: +44 (0) 20 7492 4777
Ian Callaway Head of Corporate Broking SVS Securities plc T: +44 (0) 20 7638 5600
END
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