PROACTIS Holdings PLC Notice to Convert Acquisition Loan Notes (6756B)
September 24 2018 - 2:21AM
UK Regulatory
TIDMPHD
RNS Number : 6756B
PROACTIS Holdings PLC
24 September 2018
Date: 24 September 2018
On behalf of: PROACTIS Holdings PLC
PROACTIS Holdings PLC
Notice to Convert Convertible Acquisition Loan Notes
PROACTIS Holdings PLC ("PROACTIS", the "Group" or the
"Company"), the global spend management and B2B eCommerce solution
provider, announces that it has received unconditional and
irrevocable notices from Hampton Wall, Chief Executive Officer and
Tripp Shannon exercising the conversion rights over the 2.0 per
cent. convertible unsecured loan notes due 2022 (the "Convertible
Acquisition Loan Notes") issued as part consideration in connection
with the acquisition of Perfect Commerce, LLC on 4 August 2017. The
respective conversions of the Convertible Acquisition Loan Notes
will take place after 1 January 2019 but on or before 10 January
2019. This will result in the issue of a total of 2,360,728
ordinary shares of 10 pence each ("Ordinary Shares") at that time
and application will be made for the Ordinary Shares to be admitted
to trading on AIM no later than 10 January 2019. A further
announcement will be made at that time.
Hampton Wall has given notice to the Company to exercise the
conversion rights of the Convertible Acquisition Loan Notes into
1,770,546 Ordinary Shares, being the principal amount of $3.75
million plus all accrued interest up to the date of conversion at a
conversion price of 165 pence per Ordinary Share.
Tripp Shannon has also given notice to the Company to exercise
the conversion rights of the balance of the Convertible Acquisition
Loan Notes into 590,182 Ordinary Shares, being $1.25 million plus
all accrued interest up to the date of conversion at a conversion
price of 165 pence per Ordinary Share.
Mr Wall and Mr Shannon have both entered into orderly marketing
agreements which govern the circumstances in which the Ordinary
Shares issued to them can be disposed of during the 12 months
following the issue, the terms of which are set out in the
Company's admission document dated 7 July 2017 and which is
available from the Company's website.
The foreign exchange rate used for the USD denominated
Convertible Acquisition Loan Notes was 1.32 USD/1 GBP.
Hampton Wall, Chief Executive Officer, commented:
"Over the last year we have made significant progress in
integrating the businesses that we put together in August 2017 and
I am delighted to demonstrate my confidence in the prospects for
the Group by committing to convert at a price of GBP1.65, a
significant premium to today's price."
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
For further information, please contact:
PROACTIS Holdings PLC
Hamp Wall, Chief Executive Officer Via Redleaf Communications
Tim Sykes, Chief Financial Officer
Redleaf Communications
Elisabeth Cowell
Fiona Norman 020 3757 6880
finnCap Limited
Corporate Finance
Stuart Andrews
Carl Holmes
Emily Watts 0207 220 0500
Notes to Editors:
PROACTIS creates, sells and maintains software and services
which enable organisations to streamline, control and monitor all
indirect expenditure. Its solutions are used in approximately 1,000
buying organisations around the world from the commercial, public
and not-for-profit sectors.
PROACTIS is head quartered in London and floated on the AIM
market of the London Stock Exchange in June 2006.
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Hampton Wall
----------------------------------------- -------------------------------
2. Reason for the notification
--------------------------------------------------------------------------
a) Position/status: Chief Executive Officer
----------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name: PROACTIS Holdings PLC
----------------------------------------- -------------------------------
b) LEI: 213800NX05KK2YWNRJ19
----------------------------------------- -------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 10 pence
type of instrument: each
Identification code: GB00B13GSS58
----------------------------------------- -------------------------------
b) Nature of the transaction: Notice of conversion regarding
convertible loan note into
ordinary shares
----------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
165 pence 1,770,546
----------
----------------------------------------- -------------------------------
d) Aggregated information: Single transaction as per
* Aggregated volume: 4 c above
* Price:
----------------------------------------- -------------------------------
e) Date of the transaction: 23 September 2018
----------------------------------------- -------------------------------
f) Place of the transaction: Off market transaction
----------------------------------------- -------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Tripp Shannon
----------------------------------------- -------------------------------
2. Reason for the notification
--------------------------------------------------------------------------
a) Position/status: Managing Director, US
----------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name: PROACTIS Holdings PLC
----------------------------------------- -------------------------------
b) LEI: 213800NX05KK2YWNRJ19
----------------------------------------- -------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of 10 pence
type of instrument: each
Identification code: GB00B13GSS58
----------------------------------------- -------------------------------
b) Nature of the transaction: Notice of conversion regarding
convertible loan note into
ordinary shares
----------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
165 pence 590,182
----------
----------------------------------------- -------------------------------
d) Aggregated information: Single transaction as per
* Aggregated volume: 4 c above
* Price:
----------------------------------------- -------------------------------
e) Date of the transaction: 23 September 2018
----------------------------------------- -------------------------------
f) Place of the transaction: Off market transaction
----------------------------------------- -------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHMMGZLNDLGRZG
(END) Dow Jones Newswires
September 24, 2018 03:21 ET (07:21 GMT)
Proactis (LSE:PHD)
Historical Stock Chart
From Apr 2024 to May 2024
Proactis (LSE:PHD)
Historical Stock Chart
From May 2023 to May 2024