African Medical Investments PLC Convertible Loan Note Instrument (6612N)
October 02 2012 - 2:00AM
UK Regulatory
TIDMAMEI
RNS Number : 6612N
African Medical Investments PLC
02 October 2012
African Medical Investments plc / Index: AIM / Epic: AMEI /
Sector: Healthcare
2 October 2012
African Medical Investments plc ('African Medical' or 'the
Company')
Convertible Loan Note Instrument
African Medical Investments plc, the AIM listed company
operating in the African healthcare sector, announces that it has
been informed by Harbinger Capital Partners Master Fund I, Ltd
('Harbinger') that Harbinger will not subscribe for the second and
final balance of US$750,000 (the 'Final Balance') on 1 October 2012
under the terms of a convertible loan note instrument constituted
on 29 August 2012 (the 'August 2012 Convertible Loan Notes'). The
initial balance of US$250,000 under the August 2012 Convertible
Loan Notes was subscribed for by Harbinger on 29 August 2012.
Harbinger has informed the Company that it is prepared to
subscribe for the Final Balance on 12 October 2012 and has
undertaken to the Company that it will subscribe for the Final
Balance by this date. On this basis, the Company and Harbinger have
agreed that:
(a) with immediate effect, the terms of the August 2012
Convertible Loan Notes and the loan notes previously issued by the
Company to Harbinger (together with the August 2012 Convertible
Loan Notes being the 'Convertible Loan Notes') will be amended so
that the conversion price is increased from 0.875p per share to
1.125p per share;
(b) certain restrictive covenants contained in the Convertible
Loan Notes to which the Company would otherwise be bound will
terminate and cease to have any effect if Harbinger does not
subscribe for the Final Balance by 12 October 2012;
(c) the Company will release Harbinger from any liability
arising from Harbinger not subscribing for the Final Balance on 1
October 2012; and
(d) Harbinger will reimburse the Company for the costs incurred
by its UK legal advisers and its nominated adviser in connection
with the implementation of the above arrangements, up to a cap of
GBP25,000.
Further, the Company and Harbinger have acknowledged that
failure by Harbinger to subscribe for the Final Balance by 12
October 2012 shall not affect any rights which the Company would
otherwise have against Harbinger to require payment of the Final
Balance.
As Harbinger is a substantial shareholder in African Medical,
the arrangements described above constitute a related party
transaction under the AIM Rules for Companies. The Board, other
than Joseph Cleverdon and Altaf Mackeen, the Harbinger nominated
directors, having consulted with Seymour Pierce Limited, the
Company's nominated adviser, consider the terms of these
arrangements to be fair and reasonable insofar as shareholders are
concerned.
** ENDS **
For further information please visit www.amiplc.com or
contact:
Peter Botha African Medical Investments Tel: +27 833 269 564
Plc
Jonathan Wright Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Foreman Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Hart Daniel Stewart & Company Tel: +44 (0) 20 7776
Plc 6550
Martin Lampshire Daniel Stewart & Company Tel: +44 (0) 20 7776
Plc 6550
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Notes
African Medical Investments plc (AIM: AMEI) provides
international standard healthcare through private hospitals across
Africa, targeting the expanding African middle classes and the
expatriate, non-governmental organisations, diplomatic and tourist
markets. The Company currently has hospitals in Dar es Salaam
(Tanzania), Maputo (Mozambique) and Harare (Zimbabwe). Its current
focus is on improving occupancy rates and optimising the space of
these facilities, however expansion remains a longer term focus
either through the construction of new hospitals or investments in
existing facilities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUASWRUWARRAA
African Med (LSE:AMEI)
Historical Stock Chart
From May 2024 to Jun 2024
African Med (LSE:AMEI)
Historical Stock Chart
From Jun 2023 to Jun 2024