REG - 600 Group PLC - Successful Loan Note Restructuring

600Announcement

25/02/2019 13:15

RNS Number : 0368R
600 Group PLC
25 February 2019
 


25 February 2019
The 600 Group Plc
("600 Group" or "the Group")
Successful Loan Note Restructuring
 
The Board of 600 Group is pleased to announce the successful restructuring of its 2020 Loan Notes ("the Loan Notes") and associated Warrants ("the Warrants") to extend both the redemption and exercise dates respectively by 24 months to 14 February 2022.
The Loan Notes, which were originally issued in successive tranches in February and March 2015, remain as issued in all respects other than the extension of the redemption date to 14 February 2022.
In addition, the life of the Warrants originally issued by the Group in association with the Loan Notes has also been extended to 14 February 2022. All other terms remain unchanged.
Originally, the loan notes were repayable and the warrants were set to expire on 14 February 2020.
 
Haddeo Partners LLP ("Haddeo"), of which Paul Dupee, the Executive Chairman of 600 Group, is the managing partner, is a holder of £810,000 of the Loan Notes and 5,050,000 of the warrants.. Haddeo, as a 20.79% shareholder in 600 Group, is a related party for the purposes of the AIM Rules for Companies. Furthermore, Mrs M Carrick, wife of Neil Carrick, Group Finance Director holds £50,000 of Loan Notes and 250,000 Warrants and is also deemed to be a related party  under the AIM Rules for Companies.  
The extension of the Loan Notes redemption date and the life of the Warrants for these related parties are on the same terms as all other Loan Note and Warrant holders.
The Independent Directors of 600 being, Stephen Fiamma, Derek Zissman and Stephen Rutherford consider, having consulted with Spark Advisory Partners Limited, that the extension of the redemption date of the Loan Notes and the extension of the life of the Warrants for these related parties to be fair and reasonable insofar as the shareholders are concerned.
 
 
Enquiries:



The 600 Group PLC
Paul Dupee, Executive Chairman
Neil Carrick, Finance Director
 


Tel: 01924 415000




Instinctif Partners
Mark Garraway
James Gray
 


Tel: 0207 457 2020




Spark Advisory Partners Limited (NOMAD)
Matt Davis
Miriam Greenwood
 


Tel: 020 3368 3553




WH Ireland (Broker)
Adam Pollock
 


Tel: 020 7220 1666



 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
 
About The 600 Group PLC
The 600 Group PLC is a distributor, designer and manufacturer of industrial products with three principle areas of activities:
Machine Tools
The business has a strong reputation in the market for metal turning machines. Products range from small conventional machines for education markets, CNC workshop machines and CNC production machines. Selected outsourcing partners support the manufacturing of these machines and they are marketed through the Group's wholly owned international sales organisation and global distribution network.
Precision Engineered Components
Machine spares are distributed to customers globally to help maintain the installed base of group machines which number in excess of 100,000. Additionally, work holding products and taper roller bearings are sold via specialist distributors to OEMs, including other machine builders.
Industrial Laser Systems
Industrial laser systems are a technologically superior alternative to ink jet marking. It requires no consumables and can operate on a continuous high speed basis when integrated into customers' production lines. The business has its own technology and proprietary software. Customer applications are diverse and range from telecommunications to pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.
More information on the Group can be viewed at: www.600group.com 
 
 




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
 
 
MSCPGURUPUPBGWA