Business
Issue of Debt
Issue of Debt.
About this update from Kendrick Resources Plc
[{"type":"text","content":"\n RNS Number : 2190A Kenetics Group Limited 30 July 2008 \n \nFor Immediate Release\nKenetics Group Limited (the 'Company')\nThe Directors are pleased to announce that they have raised S$1,000,000 (approximately GBP 372,000) by the issue of a convertible loan, due 30 June 2009 (the 'Loan'). The Loan may be converted on written notification ('Notice of Conversion') at any time from 1 August 2008 in whole or in part. Interest is not due and payable save in the event that the Company fails to repay the Loan on the due date. In that event, interest will be payable at the rate of 6 per cent per annum.\nThe terms of conversion are as follows:\n(i) the exchange rate is fixed at S$2.69 to GBP1.00;\n(ii) the conversion price shall be the lower of GBP0.12 ; or\n(iii) the average price of the last three transactions prior to the date of receipt of Notice of Conversion.\nThe Lender is Wong Kai Yun, a sister of Ken Wong Kai En who has given certain warranties to the Lender. Ken Wong Kai En is Chairman of the Company.\nIn the event of full conversion of the Loan, and assuming a conversion price of GBP0.12, the number of new ordinary shares which could be issued would be 3,100,000 and would represent around 10.53 per cent of the Company's enlarged issued share capital.\n\nFor further information:\nKenetics Group Limited.\nYeong Hin Yuen Tel: +65 6749 0083 \nwww.kenetics-group.com\n\n\nZimmerman Adams International Ltd\nGraeme Thom Tel: (0)20 7060 1760\nMira Shukanayeva Tel: (0)20 7060 1760\nwww.zimmint.com\n\n\n30 July 2008 \nThis information is provided by RNSThe company news service from the London Stock Exchange END IODURRURWURBOAR \n ","length":4801,"tagName":"div"}]