Loan Facility
July 13 2010 - 2:00AM
UK Regulatory
TIDMKEN
RNS Number : 2289P
Kenetics Group Limited
13 July 2010
For Immediate Release
Kenetics Group Limited
(the "Company")
The Directors are pleased to announce that they have raised GBP300,000 by the
issue of an interest-bearing redeemable convertible loan, due 30 June 2012 (the
"Loan"). Interest will be payable monthly at the rate of 12 % per annum.
The Loan may be converted on written notification ("Notice of Conversion") at
any time after the expiry of the loan in whole or in part provided always that
the total number of shares shall not at any time exceed 1% of the Borrower's
total shareholding. The conversion price is fixed at GBP0.05 per share
Ken Wong, Chairman and CEO of the Company, said: "As previously announced with
the Issue of Equity and Update on Contract with Singapore Land Transport
Authority on 21 June 2010, the Company would need to raise a further GBP2.5
million of additional working capital to undertake the commercial roll-out of
this project.
We are very pleased to put in place this Loan, which constitutes part of the
medium term funding plans that the board are developing in line with the
projected working capital requirements arising from the company's current and
expected future contracts.
We look forward to building on the progress we've made so far in raising the
additional working capital and the Directors believe that this will stand us in
good stead to follow through and develop the significant opportunities in
driving the business forward."
For further information contact:
+--------------------------------+-------------------------------------+
| | |
| Ken Wong, Chairman and CEO | Dominique Doussot |
| Kenetics Group Limited | ZAI Corporate Finance Ltd |
+--------------------------------+-------------------------------------+
| Tel: +65 6749 0083 | (Nominated Advisor) |
+--------------------------------+-------------------------------------+
| Website:www.kenetics-group.com | Tel: +44 207 060 1760 |
+--------------------------------+-------------------------------------+
| | |
+--------------------------------+-------------------------------------+
| Alex Mattey / Ian Callaway | Jeremy Carey / Andrew Dunn |
| SVS Securities (PLC) | Tavistock Communications Ltd |
+--------------------------------+-------------------------------------+
| (Broker) | Tel: +44 207 920 3150 |
+--------------------------------+-------------------------------------+
| Tel: +44 207 638 5600 | |
+--------------------------------+-------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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