Pan PacificAggregate – Conversion of Loan Notes – 29/02/2008
Pan PacificAggregate – Conversion of Loan Notes – 29/02/2008
RNS Number:1344P
Pan Pacific Aggregates PLC
29 February 2008Pan Pacific Aggregates plc
29 February 2008
Exercise of Convertible Loan Notes.
The Board of Pan Pacific Aggregates plc (AIM: PPA) ('PPA' or 'the Company')
reports that, on 29 February 2008, RAB Special Situations (Master) Fund Limited)
('RAB') converted 821,229.07 of Secured Convertible Loan Notes issued by the
Company (the 'Loan Notes') arising from the capitalisation of interest,
resulting in the issue of 32,242,994 new ordinary shares in the Company, at a
conversion price of 2.547 pence per share (the 'Conversion Price').RAB has also been issued with a further 10,208,088 new ordinary shares in
satisfaction (at the Conversion Price) of a redemption premium of 260,000
payable on the first redemption or conversion of any of the Loan Notes. The
directors of the Company consider, having consulted with the Company's Nominated
Adviser, Hanson Westhouse, that the satisfaction of the redemption premium by
the issue of shares is fair and reasonable so far as the Company's other
shareholders are concerned. In reaching its opinion Hanson Westhouse has had
regard to the financial position of the Company and has relied on the Directors'
commercial assessment.In addition, RAB has been issued with warrants over a further 16,121,497
ordinary shares in the Company, which can be exercised at the Conversion Price
within the 2 years from the date of issue.RAB now holds a total of 55,557,832 ordinary shares in the Company, or
approximately 52.15 % of the enlarged issued share capital. It is expected that
the new ordinary shares will be admitted to trading on Thursday 6 March 2008.Enquires:
Pan Pacific Aggregates plc
William Voaden Tel: 020 7096 9580Hanson Westhouse Limited
Louis Castro Tel: 020 7601 6100This information is provided by RNS
The company news service from the London Stock Exchange