Business
Conversion of Loan into Convertible Loan Note
Conversion of Loan into Convertible Loan Note.
About this update from Malvern International Plc
[{"type":"text","content":"\n \nRNS Number : 8280W Malvern International PLC 17 November 2017 \n\n17 November 2017\n \nMALVERN INTERNATIONAL PLC\n(\"Malvern\" or the \"Company\")\n \nConversion of Loan into Convertible Loan Note\n \nMalvern International plc (AIM: MLVN), the provider of educational services in the UK, Europe and Asia, announces that it has agreed with KSP Investments Pte Ltd (\"KSP\"), one of its major shareholders, that KSP's existing unsecured interest free loan of £1.2 million be converted into a convertible loan notes (\"CLN\"). The CLNs are unsecured and will be interest free until 31 December 2017. From 1 January 2018 the CLNs will attract interest at a rate of 3%, rising to 4% from 1 January 2019 and 5% from 1 January 2020. The CLNs are convertible into ordinary shares at a price of 5p. If not previously converted, the CLNs will be repayable on 31 December 2020.\nAs KSP is a substantial shareholder in the Company, the conversion of KSP's existing loan into CLNs is classified as a related party transaction for the purposes of AIM Rule 13. The independent directors in respect of the transaction consider, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the conversion of KSP's existing loan into CLNs are fair and reasonable insofar as the Company's shareholders are concerned. \nThis announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations\n \n \nENDS\n \n \n\n\n\n\nContacts:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMalvern International plc\n\n\nwww.malverninternational.com\n\n\n\n\nHaider Sithawalla\nDr Sam Malafeh\n\n\n+65 64120733\n+65 83860155\n \n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\nNominated Adviser & Broker\n\n\n\n\nMike Coe, Ed Allsopp\n\n\n+44 (0) 117 945 3470\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n.\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCFFSFFWFWSESF\n ","length":4762,"tagName":"div"}]