600 Group PLC Successful Loan Note Restructuring (2850F)
15 Julio 2021 - 01:00AM
UK Regulatory
TIDMSIXH
RNS Number : 2850F
600 Group PLC
15 July 2021
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (as amended), which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018. Upon publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
15 July 2021
The 600 Group PLC
Successful Loan Note Restructuring
The 600 Group PLC (the "Group"), the diversified industrial
engineering company (AIM: SIXH), is pleased to announce the
successful restructuring of the Company's 2022 8% Loan Notes (the
"Loan Notes") and associated warrants to subscribe for new ordinary
shares in the Company at a price of 20 pence per new ordinary share
(the "Warrants"), pursuant to which the redemption date of the Loan
Notes and the expiry date of the Warrants have been extended by 18
months to 14 August 2023 (the "Extension").
The Loan Notes, which were originally issued by the Company in
2015 and had been due for redemption on or by 14 February 2022,
remain as issued in all respects save that, following approval by
the requisite majority of Loan Notes in issue by way of written
resolution, the redemption date of the Loan Notes has been extended
to 14 August 2023.
In addition, the life of the Warrants has also been extended to
14 August 2023. All other terms remain unchanged.
Haddeo Partners LLP ("Haddeo"), of which Paul Dupee, the
Executive Chairman of 600 Group, is the managing partner, is a
holder of GBP810,000 of the Loan Notes and 5,050,000 Warrants.
Haddeo is a 20.0% shareholder of the Company. In addition, Mrs M
Carrick, wife of Neil Carrick, the Company's former Group Finance
Director and thus a related party, also holds GBP50,000 of Loan
Notes and 250,000 Warrants. With both Haddeo and Mr Carrick deemed
related parties of the Company pursuant to the AIM Rules for
Companies, their participation in the Extension constitutes a
related party transaction for the purposes of Rule 13 of the AIM
Rules for Companies.
The Independent Directors of the Company being, Stephen Fiamma,
Derek Zissman and Stephen Rutherford consider, having consulted
with the Company's nominated adviser, that the terms of the
Extension are fair and reasonable insofar as the Company's
shareholders are concerned.
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.
Enquiries:
The 600 Group PLC Tel: 01924 415000
Paul Dupee, Executive Chairman
Instinctif Partners Tel: 0207 457 2020
Tim McCall
Rosie Driscoll
Cenkos Securities plc (Nominated Adviser Tel: 020 7397 8900
and Broker)
Ben Jeynes / Max Gould (Corporate Finance)
Alex Pollen (Sales)
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 a 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 are sold via
specialist distributors to OEMs, including other machine
builders.
Industrial Laser Systems
Industrial laser systems cover laser marking and processing
including cutting, drilling, ablation and a host of other niche
applications in the marking and micro machining sectors. They
require no consumables and can operate on a continuous high speed
basis and can be integrated into customers' production lines. The
businesses have their own technology and proprietary software.
Customer applications are diverse and range from aerospace to
medical and 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
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END
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