TIDMSNAK

RNS Number : 9341N

Snacktime PLC

03 February 2016

3 February 2016

SnackTime plc

Debt restructuring, Banking Arrangements and Results to 31 March 2015

Debt restructuring

Further to the Company's announcements on 11 December, 23 December and 30 December 2015 SnackTime plc ("SnackTime", the "Company" or the "Group") today notifies that holders of, in aggregate, GBP57,290 nominal 2013 loan notes ("Loan Notes") have agreed to convert their Loan Notes, together with the associated accrued interest and redemption premiums, at a conversion price of 10 pence per share, resulting in the issue of 701,987 new ordinary shares of 2p each in the Company ("New Ordinary Shares").

Included within the Loan Notes being converted are GBP50,000 nominal of Loan Notes (together with associated accrued interest and redemption premiums) held by the WE Jackson Trust ("Trust"), a trust for the benefit of the children of Michael Jackson, a non-executive director of the Company, converting to 618,766 New Ordinary Shares. Following conversion of the Trust's Loan Notes, Mr Jackson's interests will comprise:

   -     M Jackson (direct):                          1,781,971 Ordinary Shares (2.4%) 
   -     WE Jackson Trust (indirect):        1,141,588 Ordinary Shares (1.5%)

In addition, Elderstreet Investment Limited and Elderstreet VCT plc companies connected with Mr Jackson, hold 4,963,150 Ordinary Shares (6.7%) and 1,796,296 Ordinary Shares (2.4%) respectively

The holders of the balance of the Loan Notes (amounting to GBP79,166 nominal) have not elected to take-up the conversion option and so will continue to hold their Loan Notes. As parties to the inter creditor agreement with the Co-operative Bank all interest on these Loan Notes will be accrued for the time being.

Agreement with the CooP

Documentation has now been agreed with the CooP as described in the announcement on 11 December 2015.

Report & Accounts for the year ended 31 March 2015, Interim Results for the six months ended 30 September 2015 and suspension of trading on AIM

Trading in the Company's shares on AIM was suspended on 17 September 2015 as the Company was unable to publish its report and accounts for the year ended 31 March 2015 within six months of the year end as required by the AIM Rules for Companies ("AIM Rules").

Due to, among other matters, the additional workload resulting from the debt restructuring referred to above, the Report & Accounts for the year ended 31 March 2015 have not yet been finalised as the Company is in discussions with its auditors regarding a potential qualification of the financial statements for the year ended 31 March 2015. Subject to a satisfactory resolution of this issue, the Board now expects that the Report & Accounts will be notified and published by the end of February 2016. It is expected that the Company's interim results for the 6 months ended 30 September 2015 with be notified at or around the same time. As a result, suspension of trading on AIM in the Company's shares will continue. Further announcements will be made in due course.

Total Voting Rights and admission of New Ordinary Shares to trading on AIM

Application will be made to the London Stock Exchange for the 701,987 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 8 February 2016. Therefore, the total number of shares in issue following admission to AIM of the 701,897 New Ordinary Shares will be 74,597,452 ordinary shares of 2p each. The figure of 74,597,452 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

Enquiries

   SnackTime                                                          Tel No. 020 8879 8300

Jeremy Hamer

Michael Maltby

   Stockdale Securities                                          Tel No. 020 7601 6100

Tom Griffiths

Richard Johnson

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 03, 2016 04:29 ET (09:29 GMT)

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