HIF Hidefield Gld

 
TIDMHIF 
 
Hidefield Gold plc 
 
                Further re. Debt Capitalisation Issue 
 
 
Further to the announcement made  by Hidefield Gold plc  ("Hidefield" 
or "the Company") on 1 May  2009 in respect of the capitalisation  of 
amounts owed  by the  Company to  Hamilton Capital  Partners  Limited 
("Hamilton"), George Robinson  and Abdul Rahman  Kayed (together  the 
"Lenders"), the Company is pleased to announce that it has issued and 
allotted 73,135,900 ordinary shares to the Lenders. 
 
Background 
 
Pursuant  to  a  loan  agreement  dated  30  April  2009  (the  "Loan 
Agreement"), the Lenders  consolidated advances made  to the  Company 
and formalised the terms of the advances.  The Company announced on 1 
May that  it had  reached agreement  with the  Lenders to  capitalise 
amounts owing by the Company pursuant to the Loan Agreement. 
 
In aggregate, an  amount of  up to  GBP1,321,359 owing  to the  Lenders 
would be released in consideration for the issue of up to 132,135,900 
new ordinary shares of 1p each  ("Ordinary Shares") at a price of  1p 
each.  Of this amount, 59,000,000 Ordinary Shares were issued to  the 
Lenders resulting in  the release  of loans  totalling GBP590,000  (the 
"First Subscription"). 
 
The release of the balance of the loans of GBP731,359 through the issue 
of  73,135,900  Ordinary  Shares  (the  "Second  Subscription")   was 
conditional  upon,  inter   alia,  (a)  the   passing  of   necessary 
resolutions at a general meeting of  the Company held on 20 May  2009 
(the "General Meeting"); and (b) the  Lenders not being deemed to  be 
acting in concert with each other  for the purposes of the City  Code 
on Takeovers and Mergers (the "City Code"). 
 
As announced on 20 May 2009, all resolutions proposed at the  General 
Meeting were passed and the Panel has now ruled that the Lenders  are 
not deemed  to be  acting in  concert for  the purposes  of the  City 
Code.  As a result, the Second Subscription has now taken place. 
 
Resultant Holdings 
 
Following the  Second  Subscription, Hamilton,  George  Robinson  and 
Abdul Rahman Kayed hold the following shares in the Company: 
 
 
                                Hamilton George Robinson Abdul Rahman 
                                                                Kayed 
 
Previous holding              38,961,675      29,392,352   29,500,000 
 
Shares issued at Second       19,379,000      13,413,100   40,343,800 
Subscription 
 
Total shareholding            58,340,675      42,805,452   69,843,800 
 
% of enlarged share capital       14.22%          10.43%       17.03% 
 
 
 
 
 
The enlarged issued share capital of the Company following the Second 
Subscription is 410,235,311.  The new Ordinary Shares are expected to 
be admitted to trading on AIM on 6 July 2009. 
 
 
 
 
 
Enquiries: 
 
 
 
Hidefield Gold plc 
 
Ken Judge, Chairman 
 
+ 44 773 300 1002 
 
 
 
Investor Relations 
 
Jon Bey: North America 
 
+ 1 800 689 2599 
 
 
 
Hanson Westhouse Limited 
 
Tim Feather / Matthew Johnson 
 
+ 44 113 246 2610 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Hidefield Gold (LSE:HIF)
Historical Stock Chart
From Jun 2024 to Jul 2024

Hidefield Gold (LSE:HIF)
Historical Stock Chart
From Jul 2023 to Jul 2024