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Marwyn Management Partners PLC announces intention to move to AiM and MVI agreement to underwrite placing and provide short term funding facility
Marwyn Management Partners PLC:Says it intends to make an application to move the listing of the company's shares to AiM.Says the Director's believe that AiM is a more suitable market given the size of the company.Says it is MMP's intention that admission of the company's shares to AiM would take place during the first quarter of 2014.Says as part of the AiM admission, the company would also intend to undertake a placing of new ordinary shares (the Proposed Placing) to shareholders.Says in advance of the Proposed Placing, in order to fund short term working capital requirements, the company's main shareholder, Marwyn Value Investors LP (MVI), has provided the company with a 6.5 million pounds unsecured loan (the Unsecured Loan).Says interest on the Unsecured Loan will accrue at 6 pct per annum.Says the Unsecured Loan is repayable on Aug. 1, 2014.Says MVI has also agreed to underwrite the Proposed Placing to a minimum of 12 million pounds, by contributing the amounts outstanding under the Unsecured Loan and Secured Loan into the Proposed Placing.Says MVI's underwriting is subject to certain conditions, including the Proposed Placing taking place at no more than 10 pence per share.Says the Proposed Placing will be subject to normal shareholder approvals, including a whitewash if required.
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