Update on Loan Notes (1742E)
April 04 2011 - 2:00AM
UK Regulatory
TIDMPROV
RNS Number : 1742E
Proventec PLC
04 April 2011
Press Release 4 April 2011
Proventec plc
("Proventec" or the "Company")
Update on Loan Notes
Proventec plc (AIM:PROV, Alternext:ALTPC), the provider of
specialist steam cleaning technologies and janitorial supplies,
confirms that the first cash interest payment on the Fixed Rate
Unsecured Loan Notes 2015 ("the Loan Notes") was made on 1 April
2011 (as scheduled).
The Company also confirms that, as permitted by the terms of the
Loan Note Instrument dated 7 December 2010, the Company has elected
to postpone the issue of additional Loan Notes (representing the
non-cash, "payment-in-kind" interest on the Loan Notes) from 1
April 2011 (and, subject to subsequent confirmations by the Company
on or about each future interest payment date, from future interest
payment dates) until the final repayment date of the Loan Notes on
30 September 2015. Again in accordance with the terms of the Loan
Note Instrument, the ongoing (cash and non-cash) interest payments
on the Loan Notes will be calculated as if no such elections had
been made (and so that the Loan Notes in issue as of today's date
will have accruing to them over time (and subject to such ongoing
confirmations from the Company) the applicable number of unissued
payment-in-kind Loan Notes, which will all be issued, and
immediately redeemed, on 30 September 2015).
- Ends -
For further information, please contact:
Proventec plc
David Chestnutt, Chief Executive Tel: + 44 (0) 151 706 0626
dchestnutt@proventecplc.com www.proventecplc.com
Seymour Pierce Limited
Nicola Marrin Tel: + 44 (0) 20 7107 8047
Corporate Finance www.seymourpierce.com
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Simone Tel: +44 (0) 20 7398 7728
Elviss
simone.elviss@abchurch-group.com www.abchurch-group.com
Notes to editors:
Proventec manages a complementary portfolio of integrated
businesses that specialise in hygienic solutions. Headquartered in
Liverpool, UK, the Company operates in global markets, pioneering
developments within the healthcare, food manufacturing, hospitality
industries, transportation, construction, and other sectors.
Companies in Proventec's portfolio include:
Company Business area Employees
The world's leading provider of low
pressure, chemical-free, specialist dry
OspreyDeepClean saturated steam cleaning technology. 34
Provider of general cleaning products
Contico Manufacturing and janitorial equipment and supplies. 45
Manufacturer and distributer of
automated cleaning systems and
products including portable high
pressure washers, self-service
Frank vehicle wash stations and dry steamers. 22
Proventec Healthcare provides innovative solutions for infection
control and effective cleaning in the healthcare sector. The
Company's specialist steam cleaning technology has been
successfully proven in clinical trials with University College
London Hospitals to rid all areas and combat the spread of
micro-organisms, including 'superbugs' such as MRSA and Clostridium
difficile. The Company, which employs a team of five, has developed
specialist, patented tooling, which has been designed to be used
within hospitals on a daily basis and enable the user to clean
difficult to reach areas including mattresses, bed frames and
curtains without the use of antimicrobial chemicals that may
contribute to microbial resistance.
The Company joined the AIM Market in June 2002 and was dual
listed on Alternext in May 2008. For further information please
visit www.proventecplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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