TRIC Tricor

TIDMTRIC

RNS Number : 0885M

Tricor PLC

15 January 2016

15 January 2016

Tricor plc

("Tricor" or the "Company")

Drawdown on working capital facilities, issue of equity

and total voting rights

Drawdown on Ellwood working capital facility

Tricor announces that the Company has drawn down a further GBP6,000 under the working capital facility provided by Ellwood International Limited ("Ellwood") as announced on 31 March 2015. As a result, and in accordance with the agreement with Ellwood, the Company has issued to Ellwood 1,578,947 new ordinary shares (the "Tranche 7 Shares") of 0.001 pence in the Company ("Ordinary Shares") at 0.38p per Ordinary Share and 6,315,788 warrants to subscribe for new Ordinary Shares, exercisable at 0.5p per Ordinary Share.

Ellwood has entered into an orderly market agreement whereby until 31 March 2016, it will only sell Ordinary Shares following consultation with the Company's broker and always so as to ensure an orderly market in the Company's shares.

Following the issue of the Tranche 7 Shares, Ellwood has a total beneficial interest in 55,591,119 Ordinary Shares, equivalent to 29.95% of the Company's total issued share capital. Further, Ellwood holds 192,589,472 warrants to subscribe for new Ordinary Shares, exercisable at 0.5p per Ordinary Share.

Admission to trading and total voting rights

Application has been made for the Tranche 7 Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on or around 21 January 2016.

Following Admission, the total number of Ordinary Shares in issue will be 185,625,787, with each share carrying the right to one vote. Tricor holds no shares in treasury. The total number of voting rights in the Company is therefore 185,625,787. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in Tricor under the Disclosure Rules and Transparency Rules of the UK Financial Conduct Authority.

Drawdown on Reed Works working capital facility

Tricor announces that the Company has drawn down the first GBP10,000 under the GBP50,000 working capital facility provided by Reed Works Limited ("Reed Works") as announced on 23 December 2015. The Company will issue GBP10,000 of 0% unsecured convertible loan notes (the "Tranche 1 Notes") to Reed Works in exchange for the GBP10,000 working capital funding. Under the terms of the facility agreement with Reed Works, details of which are set out in the announcement on 23 December 2015, the Company is entitled to draw down the full GBP50,000 facility within 6 months from the agreement date, i.e. 23 December 2015, but to date has only drawn down and issued loan notes to the value of GBP10,000 as announced herein.

The Tranche 1 Notes may be converted at the discretion of the Company or Reed Works at any time on or before 31 December 2018 in whole or in part into new Ordinary Shares at the conversion rate of 0.3p for each Ordinary Share. Upon conversion of the Tranche 1 Notes, Reed Works will be issued 3,333,333 Ordinary Shares (representing approximately 1.8 per cent. of the current issued share capital) and 13,333,332 warrants (representing approximately 7.2 per cent. of the current issued share capital). These warrants can be exercised at any time up until 31 December 2018 at an exercise price of 0.3p per warrant.

In addition, Reed Works has the right, but not the obligation, to subscribe for an additional GBP250,000 of unsecured convertible notes at any time until 31 December 2018 and otherwise upon the same terms and conditions as the Tranche 1 Notes.

Enquiries:

 
 
 Tricor plc                          +44 (0) 20 7099 
  Michael Roberts                    7703 
  Chan Fook Meng, CEO                +65 62362985 
 Allenby Capital Ltd (Nominated 
  Adviser & Broker) 
  Jeremy Porter / Nick Naylor /    +44 (0) 20 3328 
  James Reeve                       5656 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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