RNS Number:9069X
Cosentino Signature Wines plc
06 June 2007
6 June 2007
COSENTINO SIGNATURE WINES PLC
("COSENTINO" or the "COMPANY")
Proposed Placing of Preference Shares and B Warrants
and
Proposed Change to Articles of Association
Cosentino, the AIM listed, Napa Valley based, wine company is pleased to
announce details of a proposed Placing of up to 4,000,000 new Preference Shares,
together with B Warrants to subscribe for 3,248,800 new Ordinary Shares, to
capitalise up to $4.0 million, through cash subscriptions and the conversion of
certain loans, in connection with the Refinancing of its senior and senior
subordinated credit facilities and the partial retirement/recapitalisation of
certain loans.
Key Highlights
* Issue of up to 4,000,000 new Preference Shares together with 3,248,800 B
Warrants, carrying the right to subscribe for, in aggregate, 12 per cent. of
the Company's fully diluted Ordinary Share capital to capitalise up to
$4,000,000, either in cash or through the conversion of certain loans
* Subscription price of $1.00 Subscription Unit comprising one Preference
Share and between 0.8122 and approximately 0.9520 B Warrants
* Each Preference Share will be cumulative, redeemable on 29 June 2012 at
$1.00 per Preference Share and carry a coupon of 10 per cent. per annum save
that no redemption shall be made or any dividend declared while certain
indebtedness remains outstanding
* Each B Warrant will carry the right, exercisable at any time up to 29
June 2012, to subscribe for one Ordinary Share at 24.75p per Ordinary Share
in cash
* The injection of new funds and partial conversion / recapitalisation of
certain loans as part of the Placing will recapitalise the Company and
strengthen the Group's balance sheet as it pursues its revised strategy
A circular is expected to be posted to Shareholders later today convening an
Extraordinary General Meeting on Friday, 29 June 2007.
In addition copies of the Report and Accounts covering the period from the
Company's inception in November 2005 to 31 December 2006 are being sent to
Shareholders and a Resolution will be proposed at the Extraordinary General
Meeting for their adoption. The Report and Accounts are also available from,
the Company Secretary, Cosentino Signature Wines plc 150-152 Fenchurch Street,
London EC3M 6BB
Larry Soldinger, Chairman commented:
"Today's preference share and warrant placing completes the Company's
refinancing package that was announced in February 2007. I am delighted at the
level of support that we have received from our shareholders, lenders and other
stakeholders throughout this process. As a direct result of this placing, the
Company will have reduced its outstanding indebtedness, decreased its annual
interest costs and strengthened its balance sheet. I am very pleased to make
this announcement."
ENQUIRIES
Cosentino Signature Wines plc
Larry Soldinger, Chairman Tel. via 020 7831 3113
Arbuthnot Securities
James Steel/Richard Dunn Tel. 0207 012 2000
Financial Dynamics
Jonathon Brill/Billy Clegg Tel: 020 7831 3113
COSENTINO SIGNATURE WINES PLC
("COSENTINO" OR THE "COMPANY")
Proposed Placing of Preference Shares and B Warrants
and
Proposed change to Articles of Association
1. Introduction
The Company announces details of a proposed Placing of up to 4,000,000 new
Preference Shares, together with B Warrants to subscribe for 3,248,800 new
Ordinary Shares, to capitalise up to $4.0 million, through cash subscriptions
and the conversion of certain loans, in connection with the Refinancing of its
senior and senior subordinated credit facilities and the partial retirement/
recapitalisation of the Bridge Loan and Other Loans with the potential exception
of the First Forman Loan and the Second Forman Loan. If the First Forman Loan
and Second Forman Loan are not converted into Subscription Units in connection
with the Placing, the size of the Preference Share issue is expected to be
reduced by up to 587,500 Preference Shares.
An Extraordinary General Meeting of the Company has been convened on Friday, 29
June 2007 to seek approval of the 2006 Report and Accounts, the proposed
Resolutions relating to the Placing and the proposed removal of the cash offer
obligation in the Articles of Association.
2. 2006 Report and Accounts
The Company was obliged to hold its first annual general meeting before the 2006
Report and Accounts, which would normally have been laid before such a meeting,
were available. The Directors therefore undertook to convene an Extraordinary
General Meeting, which would have been necessary in any event in connection with
the proposed Placing, before which to lay the 2006 Report and Accounts when they
were available.
Copies of the Report and Accounts covering the period from the Company's
inception in November 2005 to 31 December 2006 are being sent to Shareholders
and a Resolution will be proposed at the Extraordinary General Meeting for their
adoption.
3. Events leading up to the Refinancing and Placing
(a) Background
As set out in the Report and Accounts, 2006 was a challenging and disappointing
year for the Group with a number of significant, as well as unforeseen, events
that adversely affected the business. Details of these events and of the Group's
financial performance are set out in the Report and Accounts.
The impact of these events and of the Group's disappointing operating
performance severely affected the Group's financial position. This impact was
exacerbated by delays in the refinancing of the Group's credit facilities while
it was completing the construction of three new production facilities. As a
result, borrowings under the Group's credit facilities rose to $22.5 million by
mid-November 2006 and, with the end 2006 expiry date of its credit facilities
approaching, two of the then Directors agreed to make available $1.0 million in
Other Loans to give the Company time in which to conclude refinancing
discussions.
(b) Letter of intent regarding Refinancing
In early February 2007, the Company announced that it had entered into a letter
of intent with its Senior Lender and Senior Subordinated Lender to refinance its
credit facilities at a more favourable blended interest rate, coupled with a
proposed placing of new preference shares and warrants to capitalise $4.0
million to strengthen its financial position. At the same time, the Company
announced that it had received a $3.0 million Bridge Loan from MCOZ, an entity
controlled by Larry J Soldinger (Executive Chairman and CEO of the Company), to
provide financing while the Company finalised its Refinancing.
(c) Bridge Loan and Other Loans
The Bridge Loan was automatically convertible into a pro rata portion of the
proposed preference share and associated warrant issue, save to the extent that
certain other Shareholders agreed to subscribe for up to their pro rata share of
such securities, and was otherwise to be repaid, together with accrued interest,
on completion of the Placing. In addition, it was expected at that time that the
Other Loans of $1.0 million would also convert into a pro rata share of the
preference share and associated warrant issue save to the extent that certain
other Shareholders agreed to subscribe for their pro rata portion of such issue.
With regard to the Other Loans and conditional in each case on approval of the
requisite Resolutions at the EGM:
(i) agreement has since been reached with Larry J Soldinger for the conversion
of his $350,000 loan advanced on 23 November 2006 into Preference Shares
and B Warrants;
(ii) subject to Michael Forman honouring certain commitments agreed in the
letter of intent dated 9 February 2007, the Company has since offered
Michael Forman the opportunity, prior to the EGM on 22 June 2007, to agree
to convert the First Forman Loan of $400,000 into Preference Shares and B
Warrants on the same basis as the loan from Larry J Soldinger in (i)
above;
(iii) the $62,500 loan owed to Joseph P Anania is automatically convertible into
Preference Shares and B Warrants; and
(iv) subject to Michael Forman honouring certain commitments agreed in the
letter of intent dated 9 February 2007, the Second Forman Loan of $187,500
is automatically convertible into Preference Shares and B Warrants.
On any conversion of the Bridge Loan and Other Loans, the principal amount of
each loan will be converted into Subscription Units on a one Dollar for one
Subscription Unit basis.
If the First Forman Loan and/or Second Forman Loan are not converted, it is
expected that they will remain outstanding, that the size of the Preference
Share issue will be reduced by up to 587,500 Preference Shares and that the
477,167 B Warrants which would otherwise have arisen from such conversion will
be allocated instead pro rata among those persons acquiring Preference Shares.
4. Details of the Refinancing
In early April 2007 the Company announced that it had reached formal agreement
with its Senior Lender and Senior Subordinated Lender in relation to the
Refinancing providing for:
* a two year extension and $2 million increase in credit of its Secured
Senior Term Loan, with a first lien on substantially all assets of the
Group, to $20 million with interest payable at the Prime Rate (currently
8.25%) plus 2% accompanied by the issue to the Senior Lender of 5 year
warrants, exercisable at 24.75p per share, to subscribe for Ordinary Shares
representing 5% of the Company's fully diluted Ordinary Share capital (as
enlarged by any Warrants issued pursuant to the Placing); and
* a two year extension of its $5.0 million Senior Subordinated Loan, with a
second lien on properties at Pope Valley, Lockeford, Clements and
Yountville, at the Prime Rate.
At the time of entering these refinancing arrangements the Company issued
1,182,677 A Warrants, being the Existing Warrants, to the Senior Lender carrying
the right to subscribe for 5% of the Company's then fully diluted Ordinary Share
capital (before allowing for the exercise of Options). If the proposed Placing
of Preference Shares and B Warrants is completed, the Company will issue a
further 170,989 A Warrants, on the same terms as and ranking pari passu with the
Existing Warrants, to the Senior Lender to reflect the increase in the Company's
fully diluted Ordinary Share capital arising from the issue of the B Warrants.
In addition, the Senior Lender sought and was granted the right, as a term of
the Refinancing, either to appoint one of its employees or advisers as an
additional Director of the Company or for such a person to attend Board meetings
as an observer and to share information so obtained with the Senior Lender. As
at the date of this announcement, the Senior Lender has not elected to exercise
either option, although it is understood at this time that the observer election
is the most likely option.
5. Proposed Placing
(a) Overview
In conjunction with and as part of the agreements surrounding the Refinancing,
the Company is proposing to create and issue up to 4,000,000 new Preference
Shares together with 3,248,800 B Warrants, carrying the right to subscribe for,
in aggregate, 12 per cent. of the Company's fully diluted Ordinary Share capital
(as enlarged by the Existing Warrants issued and the 170,989 additional A
Warrants to be issued to the Senior Lender) to capitalise up to $4,000,000,
either in cash or through the conversion of certain loans. As explained earlier,
if the First Forman Loan and/or the Second Forman Loan do not "participate" in
this proposal, it is expected that the size of the Preference Share will be
reduced by up to 587,500 Preference Shares and that the 477,167 B Warrants which
would otherwise have arisen from such participation will be allocated instead
pro rata among those persons acquiring Preference Shares.
Preference Shares and B Warrants will be issued in strips such that every placee
or subscriber for Preference Shares receives the same pro rata share of the B
Warrants issuable as part of the Placing as he receives of the Preference Shares
save that fractions of B Warrants will not be issued but will be rounded
downward to the nearest whole B Warrant and retained for the benefit of the
Company.
The subscription price for every Subscription Unit comprising one Preference
Share and 0.8122 of a B Warrant (before any reallocation of B Warrants that
would otherwise have been issued on the conversion of the First Forman Loan
and/or Second Forman Loan) is $1.00.
To the extent that (i) existing holders of Ordinary Shares are not subscribing
for their pro rata share of Preference Shares and B Warrants and (ii) such
Warrants or the additional 170,989 A Warrants are exercised in the future, their
existing percentage ownership of the Company will be diluted. In total, the
3,248,800 B Warrants and 170,989 additional A Warrants would, if exercised,
represent an increase of approximately 15.2% in the existing issued Ordinary
Share capital of the Company.
526,326 Preference Shares and 427,482 B Warrants (assuming full conversion of
both the First Forman Loan and Second Forman Loan) are expected to be placed
with certain existing non-insider Shareholders for cash subscription. The
remaining 3,473,674 Preference Shares and 2,821,318 B Warrants are expected to
be subscribed through the conversion of the Bridge Loan and Other Loans, with
the potential exception of up to 587,500 Preference Shares otherwise arising on
conversion of the First Forman Loan and Second Forman Loan:
Larry J Soldinger 350,000 284,270 Conversion of $350,000
subordinated loan advanced on
23 November 2006
MCOZ(2) 2,473,674 2,009,119 Conversion of $2,473,674 of a
$3,000,000 Bridge Loan
advanced on 9 February 2007
Michael Forman 400,000 324,880 Conversion of $400,000
subordinated loan advanced on
27 November 2006, being the
First Forman Loan
Michael Forman 187,500 152,287 Conversion of $187,500 of an
original $250,000 subordinated
loan from Grapevine Investors,
LP advanced on 15 January 2007
Joseph P Anania 62,500 50,762 Conversion of $62,500 of an
original $250,000 subordinated
loan from Grapevine Investors,
LP advanced on 15 January 2007
3,473,674 2,821,318
Notes:
(1) The B Warrant figures shown above are based on full conversion of both the
First Forman Loan and Second Forman Loan. If neither of these loans are
converted, then no Preference Shares or B Warrants will be issued to
Michael Forman and the B Warrant figures for each of the other persons
above will increase by approximately 17.2%.
(2) MCOZ is controlled by Larry J Soldinger (Executive Chairman and CEO of the
Company). It is currently owned as to approximately 38.05% by Hal Wolken (a
Director of the Company), 38.05% by Greg Deman (a Director of the Company)
and 23.90% by Larry J Soldinger. It is intended that MCOZ will be dissolved
after the Placing and that any Preference Shares and B Warrants then owned
by it will be distributed pro rata to its shareholders
On completion of the Placing, the balance of the Bridge Loan will be repaid
together with accrued interest.
The Placing is conditional upon:
(i) the passing of a Resolution to amend the Articles of Association so as to
provide for (a) the creation of the new Preference Shares and (b) the
removal of Article 40 of the existing Articles thereby removing the
obligation to make a cash offer to other Ordinary Shareholders in certain
circumstances, as further explained in paragraph 7 below; and
(ii) the passing of relevant Resolutions to increase the Company's authorised
share capital, give the Directors the power to allot relevant securities
and disapply pre-emption rights in respect of the Placing.
(b) Terms of Preference Shares and B Warrants
Each Preference Share will be cumulative, redeemable on 29 June 2012 (or at any
time prior to such date as consideration for the exercise of subscription rights
under the B Warrants) at $1.00 per Preference Share (plus all arrears of any
preferred dividends and other sums payable in respect of such Preference Shares,
together with preferred dividends accrued down to the relevant payment date) and
will carry a coupon of 10 per cent. per annum based on a subscription price of
$1.00 per Preference Share provided that no redemption shall be made or any
dividend declared or paid in the event that and for so long as any indebtedness
then remains outstanding to the Senior Lender or the Senior Subordinated Lender
or the Company is in default under its credit facility agreements with the
Senior Lender or Senior Subordinated Lender.
The terms of the Preference Shares further provide that the 3,473,674 Preference
Shares expected to form part of the Subscription Units to be subscribed by way
of conversion of the Bridge Loan and Other Loans will enjoy a priority right of
redemption relative to the remaining Preference Shares on any early redemption
of the Preference Shares. The Directors will exercise their discretion in
deciding how any partial early redemption should be effected among the
Preference Shares arising from conversion of the Bridge Loan and Other Loans but
in doing so may take into account the relative rankings as to repayment on which
the various loans being converted into such Preference Shares originally stood.
Each B Warrant will carry the right, exercisable at any time up to 29 June 2012,
to subscribe for one Ordinary Share at 24.75p per Ordinary Share in cash. The B
Warrants will also contain certain anti-dilution rights.
If the Placing is consummated, the Preference Shares and B Warrants placed with
UK investors will be separate and freely transferable instruments in the UK.
Preference Shares and B Warrants offered or sold within the US or to, or for the
account or benefit of, US persons are expected to be offers and sales made in
reliance on exemptions from the registration requirements of the US Securities
Act of 1933, as amended (the "Securities Act") and, therefore, such Preference
Shares and B Warrants (including Ordinary Shares issuable upon exercise of the
B Warrants) would not be permitted to be transferred or resold, except pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and any applicable state securities laws.
No listing or quotation will be sought either for the Preference Shares or for
the B Warrants.
It is expected that certificates in respect of the Preference Shares and B
Warrants will be issued by 6 July 2007. Pending their despatch, instruments of
transfer may be certified by Computershare Investor Services PLC against the
Register.
(c) Use of proceeds
The Preference Shares and B Warrants are expected to be subscribed as to
approximately $526,326 in cash, as to between $412,500 and $1,000,000 through
the conversion of outstanding principal on the Other Loans (depending on whether
and to what extent the First Forman Loan and Second Forman Loan are converted)
and as to approximately $2,473,674 through the conversion of outstanding
principal on the Bridge Loan. The cash proceeds, expected to be $526,326, will
then be applied in repaying the balance of the Bridge Loan.
The injection of new funds and partial conversion/recapitalisation of the
Bridge Loan and Other Loans as part of the Placing will recapitalise the Company
and strengthen the Group's balance sheet as it pursues its revised strategy.
6. Financial position
As at 31 March 2007, the Group had total borrowings, net of cash and cash
equivalents, of $30.5 million including $18.6 million outstanding under its
senior credit facility, $5.0 million outstanding under its senior subordinated
credit facility, $3.8 million outstanding under finance leases, $0.1 million of
accrued interest outstanding, $1.0 million Other Loans and the $3.0 million
Bridge Loan as well as cash and cash equivalents of $1.0 million.
7. Change in concert party and proposed removal of cash offer obligation
(a) Background
As the Group's operations and centre of management are located outside the
United Kingdom, Cosentino is not subject to the City Code on Takeovers and
Mergers. However, Article 40 of the Articles of Association contains a provision
requiring any person who acquires Ordinary Shares representing 30 per cent. or
more of the Company's voting rights to make a cash offer for the remaining
Ordinary Shares at the highest price at which that person has acquired Ordinary
Shares in the preceding 12 months. The Articles of Association also require any
person who holds Ordinary Shares representing between 30 per cent. and 50 per
cent. of the Company's voting rights and who then acquires additional Ordinary
Shares which increase such person's percentage of the Company's voting rights
to make such an offer. The shareholdings of persons acting in concert are
aggregated in determining whether the 30 per cent. or 50 per cent. thresholds
have been attained or a percentage increase has occurred.
(b) Change to concert party
Immediately following the original Admission of the Company's Ordinary Shares
to trading on AIM, a concert party led by Larry Soldinger owned Ordinary Shares
carrying 38.73 per cent. of the Company's voting rights. Since then certain
members have left the concert party and its membership is now considered to
comprise Larry Soldinger, Edith Soldinger, Ben Soldinger, Shane Soldinger, Mitch
Cosentino and MCOZ. The revised concert party currently holds Ordinary Shares
carrying some 32.1 per cent. of the Company's voting rights and following the
Placing will hold B Warrants which, if exercised, would result in the concert
party coming to own Ordinary Shares carrying between 35.4 per cent. and 39.6
per cent. of the Company's voting rights depending on the extent to which other
holders of Warrants exercise their Warrants.
(c) Proposed removal of cash offer obligation
As set out in paragraph 5(a) above, the Placing is conditional on the approval
by Ordinary Shareholders of the removal of Article 40 of the existing Articles
of Association - the cash offer obligation summarised in paragraph 7(a) above.
The Directors recognize that, if Article 40 is removed, it will deprive
Shareholders of a degree of protection that they currently enjoy against the
risk that a person (or concert party) may secure control of or significant
influence over the Company without providing other Shareholders with certainty
as to their ability to realize their investment in the Company at the price at
which such control or significant influence has been achieved. This could be
important in circumstances where the existence of such control or influence
could discourage other investors or buyers of shares.
The Directors believe, however, that the nature of the Company is such that its
success depends on the close and active involvement of Shareholders with a
significant financial involvement in the business and the freedom to increase
that involvement. As a result the Directors believe that the continued existence
of Article 40 provides a degree of protection out of proportion to the size of
the Company and could constrain the Company's future development and flexibility
to react to circumstances as they unfold.
8. Related party transactions
The loan of $350,000 made by Larry J Soldinger on 23 November 2006 was not made
originally on the basis that it would be convertible into a future issue of
Preference Shares and Warrants. As a result the change in terms represents a
transaction with a related party for the purposes of the AIM Rules requiring the
approval of the Independent Directors of the Company having consulted with the
Company's Nominated Adviser.
In considering this matter, the Independent Directors have also taken into
account the expected ownership structure of the Company following the Placing
and the potential increase in influence of, and percentage of the Company's
voting rights held by, the concert party headed by Larry J Soldinger,
particularly in the context of the removal of the cash offer obligation in
Article 40 of the existing Articles on which the Placing is conditional.
Conversion of the $350,000 loan would result in the issue of between 284,270 and
333,210 B Warrants representing, on exercise, less than 1.5 per cent. of the
existing issued Ordinary Share Capital before allowing for any dilution caused
by the exercise of these or other Warrants.
The Directors of Cosentino (with the exception of Larry Soldinger) consider,
having consulted with the Company's Nominated Adviser, Arbuthnot, that the
conversion of the $350,000 loan is fair and reasonable so far as the Company's
shareholders are concerned.
9. Extraordinary General Meeting
The EGM will be held at on Friday, 29 June 2007. At the EGM Resolutions will be
proposed, inter alia, to seek the authorities necessary to allow the Placing to
proceed, to change the Articles and to approve the 2006 Report and Accounts.
DEFINITIONS
The following definitions apply throughout this announcement, unless the context
requires otherwise:
"A Warrants" A Warrants to subscribe for new Ordinary Shares
constituted by an A Warrant Instrument dated 30
March 2007
"B Warrants" B Warrants to subscribe for new Ordinary Shares
constituted by a B Warrant Instrument dated 5
June 2007 and known as the "Cosentino Signature
Wines plc 2012 B Warrants"
"Bridge Loan" the bridge loan advanced by MCOZ, an entity
controlled by Larry Soldinger, to the Company
on 9 February 2007 in the original principal
amount of $3,000,000
"Existing Warrants" the 1,182,677 A Warrants to subscribe for
Ordinary Shares granted to the Senior Lender on
30 March 2007 as part of the Refinancing and
having rights, including in relation to the
Warrant Exercise Price and exercise period
expiry date, substantially identical to the B
Warrants
"Extraordinary General the extraordinary general meeting of the
Meeting" or "EGM" Company to be held on Friday, 29 June 2007
"First Forman Loan" the loan in the original principal amount of
$400,000 advanced to the Company by Michael
Forman, a former Director of the Company, on 27
November 2006
"Group" the Company and its subsidiary undertakings
"Issue Price" or $1.00 per Subscription Unit
"Placing Price"
"MCOZ" MCOZ Preferred, LLC
"Options" the 65,628 options granted (of which 27,972 are
vested as of the date hereof) to subscribe for
Ordinary Shares at an exercise price of 12.5p
per share and the 400,000 options granted (of
which none are vested) to subscribe for
Ordinary Shares at an exercise price of 25p per
share under the Cosentino Signature Wines plc
2005 Equity Compensation Plan
"Ordinary Shares" ordinary shares of 1p each in the capital of
the Company
"Other Loans" the loans totalling $1,000,000 in the original
principal amount advanced to the Company by (i)
Larry J Soldinger, Executive Chairman and CEO
(as to $350,000 on 23 November 2006); (ii)
Michael Forman, a former Director (as to
$400,0000 on 27 November 2006 being the First
Forman Loan); and (iii) Grapevine Investors,
LP, an entity controlled by Michael Forman (as
to $250,000 on 12 January 2007) which latter
loan has now been re-allocated and is owed
directly to Michael Forman as to $187,500
(being the Second Forman Loan) and another
investor in Grapevine Investors, LP, Joseph P
Anania (as to $62,500)
"Placing" the conditional placing of the Subscription
Units with certain Existing Shareholders and,
to the extent not taken up, the conversion of
some or all of the outstanding principal
amounts of the Bridge Loan and the Other Loans
into Preference Shares, with the potential
exception of the First Forman Loan and the
Second Forman Loan, and allocation of B
Warrants as described herein
"Preference Shares" redeemable preference shares of $0.50 (50
cents) each in the Company
"Refinancing" the extension, both in amount and time, of the
Company's existing credit facilities from the
Senior Lender in consideration, among other
things, of the issue of 1,182,677 Existing
Warrants to the Senior Lender and in time from
the Senior Subordinated Lender
"Resolutions" the special and ordinary resolutions to be
proposed at the EGM and "Resolution" shall mean
any of them
"Second Forman Loan" a loan in the original principal amount of
$187,500 owed to Michael Forman arising from
the re-allocation of part of an earlier loan to
the Company in the original principal amount of
$250,000 from Grapevine Investors, LP advanced
on 12 January 2007
"Senior Lender" Physicians Reciprocal Insurers
"Senior Subordinated CSW Lender L.P.
Lender"
"Subscription Unit" a unit of one Preference Share and a pro rata
share of 3,248,800 B Warrants allocated to
holders of the Preference Shares. The number of
B Warrants included in each Subscription Unit
is expected to fall between 0.8122 B Warrants
(if both the First Forman Loan and the Second
Forman Loan convert) and approximately 0.9520 B
Warrants (if neither the First Forman Loan nor
the Second Forman Loan convert)
"Warrant Exercise Price" 24.75p per Ordinary Share, subject to
adjustment as provided in the applicable
Warrant Instrument for the Warrants, which
exercise price is the same for both the A
Warrants and B Warrants
"Warrant Instrument" the instrument constituting the B Warrants
adopted by resolution of the Board on 5 June
2007, conditional upon the passing of the
Resolutions numbered 2 to 5 inclusive at the
EGM
"Warrants" collectively, the A Warrants and B Warrants
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEFFMATMMIMBMR
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