DJ Ace Liberty & Stone PLC & 163;10m convertible loan note
RNS Number : 5581L
Ace Liberty & Stone PLC
20 July 2017
20 July 2017
Ace Liberty and Stone Plc
("Ace" or "the Company")
GBP10m convertible loan note
The directors of Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, are delighted to announce that they have secured significant funding by way of a GBP10,000,000 convertible loan note.
The loan notes have been issued as 6 per cent Convertible Unsecured Loan Notes 2019 (the "Loan Notes").
The Loan Notes are subject to 6 per cent annual interest, are convertible at a price of GBP0.7125 per Ordinary Share and are redeemable, to the extent they have not been converted into shares, on 23 May 2019.
If the Loan Notes are all converted into shares this would result in the holder of the Loan Notes (the "Holder") acquiring 14,035,088 shares in Ace, representing approximately 26% of the Company.
The Company has granted the Holder an option to purchase certain properties held by Ace (the "Options") for an agreed price.
The Options may only be exercised before the earlier of 28 June 2019 and the satisfaction in full of the Loan Notes, and if the Options are not exercised on or before such date, they shall lapse.
Commenting on the issue of the Loan Notes Ismail Ghandour, Chief Executive, said "this investment is a big vote of confidence in Ace's portfolio management, consolidating our progress to date for further growth in future."
The Directors accept responsibility for this announcement.
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For further information, please contact:
Ace Liberty & Stone Plc Ivan Minter, Financial Director Tel: +44 (0) 20 7201 8340 http://acelibertyandstone.com Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser Jon Isaacs / Nick Michaels Tel: +44 (0) 20 7251 3762 www.alfredhenry.com Hybridan LLP, Corporate Broker Claire Noyce Tel: +44 (0)203 764 2341 www.hybridan.com
Notes to Editors
Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead Tyne and Wear, and London. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.
For more information on the Company please visit www.acelibertyandstone.com
This information is provided by RNS
The company news service from the London Stock Exchange
(END) Dow Jones Newswires
July 20, 2017 02:00 ET (06:00 GMT)