Further to the announcement made on 16 February 2015, the 600 Group PLC (“600” or “the Company”), the machine tools and laser marking company, is pleased to announce that it has successfully raised a further £955k through the issue of the 2nd tranche of loan notes (“the Loan Notes”).
The Loan Notes represent a further issuance of the loan notes constituted by a loan note instrument dated 14 February 2015, the first tranche of which was issued on 18 February 2015 (“the 1st Tranche”). The Loan Notes mature on 14 February 2020 and carry a coupon of 8% payable quarterly in arrears. The Loan Notes are redeemable at any time after 14 February 2016 without any penalty. It is intended that the Loan Notes will be listed on the Bermuda Stock Exchange shortly.
Consistent with the 1st Tranche, subscribers for the Loan Notes are also entitled to receive warrants, with an expiry date of 14 February 2020, to subscribe for 4.775m ordinary shares of 1 pence each in the Company (“Ordinary Shares”) at a price of 20 pence per Ordinary Share. The grant of the warrants will be subject to shareholder approval (which the Company is confident will be granted).
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