Brief: Service Point approves reverse split and bond conversion requested by Paragon
04/07/2016 07:04
July 4 (Reuters) - Service Point Solutions SA SPSL.MC :
* Said on Friday the board had approved a reverse split in
the ratio of one new share for every 25 shares held, raising the
nominal value of the shares to 0.01 euro ($0.0111) per share
from 0.0004 euro per share, thereby reducing the number of
shares outstanding to 54.8 million shares from 1.37 billion
shares
* The board also approved share capital increase to carry
out the conversion and amortization of 1.1 million convertible
bonds, as requested by Paragon
* After the registration of the issue of 348.2 million new
shares, Paragon will hold 1.11 billion shares of Service Point,
which represents a 81.3 percent stake in the company
Source text for Eikon: urn:newsml:reuters.com:*:nCNM2sVw7R urn:newsml:reuters.com:*:nCNMbtP6pW
Further company coverage: SPSL.MC
($1 = 0.8977 euros)
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