REG - Norman Broadbent PLC - Conversion Of Outstanding Convertible Loan Notes

Norman BroadbentAnnouncement

02/11/2023 08:45

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RNS Number : 1856S  Norman Broadbent PLC  02 November 2023

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 2 November 2023

 

Norman Broadbent plc

("Norman Broadbent" or the "Company")

 

 conversion and EARLY Redemption of OUTSTANDING convertible loan notes

and

Total voting rights

 

Conversion and early redemption of outstanding Convertible Loan Notes (the
"CLNs")

Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and
Interim Management firm offering a diversified portfolio of integrated
Leadership Acquisition & Advisory Services, is pleased to announce the
conversion and early redemption of all outstanding CLNs. The CLNs were issued
to two holders in May 2022 with a value of £0.4 million, half of which was
redeemed by the Company in May 2023.

 

The Company has received conversion notices from both noteholders and
consequently has allotted 2,047,706 new ordinary shares of 1p each (the "New
Shares") at a conversion price of 7.0 pence per New Share for half the
outstanding amount of the CLNs, the repayment of all interest due and the
redemption fee.  The remaining £100,000 of the CLNs has been redeemed.

 

Application will be made to the London Stock Exchange for admission of the New
Shares to trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings will commence in the New Shares on 10 November
2023.  The New Shares will rank pari passu with the existing ordinary shares
of 1p each in the Company (the "Ordinary Shares").

 

Total Voting Rights

Following Admission, the Company's issued share capital will consist of
63,865,249 Ordinary Shares, none of which are held in treasury. Accordingly,
the figure of 63,865,249 may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.

 

 

For further Information, please contact:

Norman Broadbent plc
                     020 7484 0000

Kevin Davidson, CEO

Mehr Malik, CFO

 

Shore Capital (Nominated Adviser and Broker)
                020 7408 4090

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)

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