Bartercard PLC
Bartercard secures financing of £4,140,000, through issue of convertible notes, and obtains dual listing
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Bartercard plc
Bartercard secures financing of £4,140,000, through issue of convertible
notes, and obtains dual listing
Bartercard announces that it has entered into agreements with European
Entertainment Investments Limited for the issuance and sale by Bartercard
of £4,140,000 in convertible notes all due and payable by Bartercard within
a one year term from issuance, convertible into 18 million ordinary shares
of Bartercard at an average conversion price of 23p per share. The notes
will not be interest bearing. The average conversion price represents a
142% premium over average of the daily volume weighted price of
Bartercard’s ordinary shares in the preceding six months.
The convertible notes are not subject to any resets. The outstanding
balance of the convertible notes, are redeemable at any time by Bartercard
at 110% of the face value. Additionally, Bartercard may require the
conversion of the convertible notes based on certain price thresholds being
realised in the stock price of Bartercard.
Additionally Bartercard is pleased to announce that it has obtained dual
listing of its shares on the Frankfurt Stock Exchange and has entered into
an agreement with Close Brothers Seydler AG to be the market maker and
designated sponsoring broker. Close Brothers Seydler AG is the German 92%
majority owned subsidiary of Close Brothers Group plc.
The proceeds from the financing are intended to be used to accelerate
Bartercard’s international expansion and for general working capital.
Wayne Sharpe, Chairman of Bartercard said, ‘This funding will enable
Bartercard to expand its operations as we continue to seek additional
partnering opportunities in Europe, Asia and North America in pursuit of
Bartercard’s global expansion. Furthermore, Bartercard believes the support
of Close Brothers Seydler AG in Germany on the Frankfurt Stock Exchange
will attract German investors to Bartercard and help establish a
continental European shareholder base in Bartercard’.
Nicholas Camilleri, the Chairman / CEO of Navigator Asset Management
Advisers Limited based in London, the adviser to European Entertainment
Investments said, ‘We are excited about the potential of the global
roll-out of Bartercard’s milestone agreement in Australia with four
commercial banks allowing Bartercard’s customers to process transactions
electronically which should materially improve Bartercard’s profitability.
By providing this funding, we believe Bartercard can greatly accelerate its
expansion plans.’
The new shares underlying the convertible notes and warrants, when issued
and fully paid, will rank pari passu with the existing issued Bartercard
shares. Bartercard will be making an application within 10 days for the
block listing of 24,000,000 ordinary shares with the AIM team at the London
Stock Exchange for the new shares underlying the convertible notes and
warrants to be admitted to listing on the AIM segment of the London Stock
Exchange. Part of the agreement includes the issuance by Bartercard to
European Entertainment Investments Limited of warrants exercisable for a
period of three years into 6 million ordinary shares of Bartercard at a
strike price of 32p per share.
3 March 2006
About Navigator Asset Management Advisers Limited
Navigator Asset Management Advisers Limited is a majority owned subsidiary
of Navigator Asset Management Limited (Navigator) that is administered by
Trident Trust Company in Jersey. Navigator is the 100% owner of several
investment vehicles, including European Entertainment Investments Limited.
Navigator’s vehicles invest in a principal capacity in undervalued publicly
traded companies listed on stock exchanges in Australia, the United
Kingdom, Canada, Germany, the Netherlands, the U.S. and other
jurisdictions, that have business models that can be developed and expanded
on a global or regional basis with capital investment. Navigator invests in
various sectors including bartering, gaming, betting, natural resources,
biosciences, IT and technology. The Navigator group of companies is advised
in regulatory matters in the United Kingdom by Jones Day.
Contact:
Nicholas Camilleri
Chairman / CEO
Navigator Asset Management Advisers Limited
1st Floor, 55 Conduit Street
London W1, U.K.
Tel: + 44 20 7494 5900
E-Mail: nc@nav-ltd.co.uk
Web: www.nav-ltd.co.uk
Wayne Sharpe
Executive Chairman
Bartercard plc
07909 975488
(c)DGAP 03.03.2006
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language: English
emitter: Bartercard Plc.
18 – 20 Kew Road
Richmond, Surrey, TW9 2NA Großbritannien
phone: +44-(0)870 920 1000
fax:
email: info@uk.bartercard.com
WWW: www.bartercard.com
ISIN: GB0033432856
WKN: 121557
indexes:
stockmarkets: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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