2008 Loan Note Update
March 30 2010 - 2:00AM
UK Regulatory
TIDMTPS
RNS Number : 3825J
Turbo Power Systems Inc
30 March 2010
30 March 2010
Turbo Power Systems Inc. ("the Company")
2008 Loan Note Update
Turbo Power Systems is pleased to announce that it has agreed with the 2008 Loan
Note holders to renegotiate the terms of the 2008 Loan Note to allow more
flexibility in working capital.
Under the terms of the 2008 Loan Notes, if at any point during the time the 2008
Loan Notes are in issue the unrestricted cash balance of the Company falls below
a threshold of GBP750,000 (the "Threshold Level"), the 2008 Loan Notes are
repayable on demand at the request of the majority of the 2008 Loan Note
holders.
Currently, the 2008 Loan Note holders have agreed to remove the requirement to
maintain cash above the Threshold Level. This agreement expires on 1 April 2010.
The Company is pleased to announce that it has agreed with the Loan Note holders
to extend this period by one month such that the requirement to maintain cash
balances above the Threshold Level will be reinstated commencing 1 May 2010.
This agreement will help the Company to take advantage of existing and future
opportunities whilst providing short term additional working capital.
For further information, please contact:
Turbo Power Systems Inc.
Tel: +44 (0)20 8564 4460
Richard Bayliss
FinnCap
Tel: +44 (0)20 7600 1658
Marc Young & Henrik Persson (Corporate Finance)
Stephen Norcross & Brian Patient (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUBWWUPUGRB
Turbo Power Systems (LSE:TPS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Turbo Power Systems (LSE:TPS)
Historical Stock Chart
From Sep 2023 to Sep 2024