Key Developments: Lp Hill PLC (LPHL.L)

LP Hill Plc Announces Appointment of Chief Executive Officer and Issue of Convertible Loan Notes
Thursday, 1 Mar 2012 10:00pm EST 

LP Hill Plc announced the appointment of Mr. Roy Spencer as Chief Executive Officer (CEO) of the Company with immediate effect and the issue of convertible loan notes. Fisherstreet Management Limited (the Noteholder), has agreed to subscribe £200,000 for convertible unsecured loan notes of the Company (the Convertible Loan Notes). The Convertible Loan Notes are interest bearing at a rate of 2 per cent. per annum above the base rate of the Royal Bank of Scotland plc from time to time and interest will be compounded annually on the principal outstanding loan amount. The Convertible Loan Notes are unsecured and repayable on 27 February 2015 or, at the option of the Company, at any time prior to 27 February 2015. A redemption premium of 20 per cent. of the principal amount is to be paid by the Company in the event of any early repayment by the Company prior to 27 February 2015 or on any balance of the Convertible Loan Notes not ultimately converted into new ordinary shares at the conversion price of 6 pence per share. The Noteholder is entitled to convert all or part of the principal loan amount advanced into new ordinary shares in the Company at a conversion price of 6 pence per ordinary share at any time until the final repayment date. The notes are transferrable in minimum tranches of £5,000 subject to certain limited restrictions. The Company intends to use the net proceeds from the issue of the Convertible Loan Notes for general working capital purposes.  Full Article