PRA Praesepe

TIDMPRA

RNS Number : 1966I

Praesepe PLC

09 June 2011

9 June 2011

Praesepe plc

("Praesepe" or the "Company" or the "Group")

Conversion of loan notes and issuance of equity

Praesepe announces that on 8 June 2011 all of the Company's convertible loan notes that originated in 2009 ("Loan Notes") were converted into ordinary shares ("Conversion Shares").

The Company has issued and allotted 85,316,256 Conversion Shares to Marwyn Value Investors L.P. and 391,100 Conversion Shares to Matthew Proctor.

The Conversion Shares will rank pari passu in all respects with the Company's existing ordinary shares and application will be made to the London Stock Exchange for these new ordinary shares to be admitted to trading on AIM.

The Company's enlarged issued share capital immediately following the issue of the Conversion Shares is 491,023,642 ordinary shares of GBP0.01 each.

In accordance with the conditions set out in the Marwyn Management Partners plc ("MMP") offer to Praesepe ("Praesepe Offer") announced on 3 June 2011, MMP has received irrevocable undertakings from Praesepe shareholders to accept the Praesepe Offer that represent in aggregate, approximately 54.3% of the fully diluted ordinary share capital of Praesepe, including the newly issued Conversion Shares.

Ends

Contacts

Praesepe plc

Nick Harding, Chief Executive Officer Tel: +44 (0)7970 148000

Matthew Proctor, Chief Financial Officer Tel: +44 (0)7985 116578

Brunswick

Chris Blundell Tel: +44 (0)20 7404 5959

Claire Boszko

Liberum Capital (NOMAD and Broker)

Chris Bowman Tel: +44 (0)203 100 2222

Richard Bootle

This information is provided by RNS

The company news service from the London Stock Exchange

END

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