Orb Estates PLC - Re Convertible Loan Notes
31 Januar 2000 - 8:33AM
UK Regulatory
RNS Number:6574E
Orb Estates PLC
28 January 2000
ORB ESTATES PLC ("the Company")
The Directors announce that, under the terms of the convertible
loan notes ("loan notes") issued as to:-
#5,000,000 nominal to Lynch Talbot Limited ("LT")
#4,000,000 nominal to Euro & UK Property Fund L.P ("Euro")
The loan notes held by LT are convertible at the lower of 60p or
the middle market price on 24 September 1999 save only that no
loan notes may be converted at less than the 50p nominal per
share. As the price on the above date was 45p the conversion
terms are on the basis of 50p per ordinary share for each #1
nominal of loan note held. LT have requested that #462,777 loan
notes be converted on the terms set out above.
The loan notes held by Euro are convertible at 60p for each #1
nominal loan note held. Euro have requested that #555,333
nominal of the loan notes be converted on the terms set out
above. Additionally, Euro has informed the Directors that the
fund's holding of the loan notes has been distributed, in
specie, to certain of its limited partners and, accordingly, the
new ordinary shares to be issued in exchange for the loan notes
will be issued to each of these limited partners. None of these
limited partners will, following the conversion, have a
disclosable stake in the share capital of the Company.
Accordingly, the Directors have issued :-
925,554 new ordinary shares of 50p each, fully paid to LT and
925,555 new ordinary shares of 50p each, fully paid to the limited
partners
Application will be made to the London Stock Exchange for the
1,851,109 new ordinary shares of 50p each, fully paid to be
admitted to listing.
END
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