Conversion of Loan Notes and Issue of Equity


 

TIDMBRG 
 
RNS Number : 9649U 
Braemar Group PLC 
02 July 2009 
 

2 July 2009 
 
 
 
 
 
 
 
 
BRAEMAR GROUP PLC ("Braemar" or the "Company") 
 
 
Conversion of Loan Notes and Issue of Equity 
 
 
 
 
Braemar Group plc, the AIM quoted innovative real estate fund and management 
group, would like to announce that it has agreed with Marc Duschenes, Chief 
Executive, to convert GBP200,000 of the convertible loan notes issued to him as 
part of the consideration of the acquisition of The Braemar Group Limited into 
equity at a price of 2.75 pence per share. This will result in 7,272,727 new 
ordinary shares of 1 pence each ("Ordinary Shares") in the Company being issued 
to Marc Duschenes. 
 
 
This conversion will also have the effect of reducing the Company's debt by 
GBP200,000; enhancing net assets by the same amount and saving interest costs of 
approximately GBP20,000 over the next 18 months. 
 
 
Under the terms of the convertible loan note instrument, as set out in the 
admission document dated 10 November 2005 the conversation rate was set at a 
price of 3 pence per share with a life span of five years. After assessing 
the benefits of the partial early conversion on the Company's financial 
position, and in light of the current share price, the Directors have concluded 
that the variation to the original conversion rate is acceptable and in the best 
interests of the Company. 
 
 
The beneficial interest of Mr. Duschenes following this transaction is now 
41,235,393 Ordinary Shares representing 24.00% of the total issued share capital 
of the Company. 
 
 
With the exception of Marc Duschenes, the directors of Braemar have consulted 
with Zeus Capital Limited and concluded that the terms of the transaction are 
fair and reasonable insofar as its shareholders are concerned. 
 
 
Braemar Group plc also announces that pursuant to an agreement with a third 
party, who has been promoting the Company's funds, that a further 1,066,750 new 
Ordinary Shares have been issued. 
 
 
Application has been made for 8,339,477 Ordinary Shares to be admitted to AIM 
and Admission is expected to occur on or around 8 July 2009. Following 
admission, the enlarged issued share capital of the Company will be 172,126,380 
Ordinary Shares. 
 
 
 
 
 
 
For further information please contact:Marc Duschenes, CEO, Braemar Group plc 
 
 Julie Serrage, Investor Relations, Braemar Group plc 
 Tel: 0161 929 
4969 
Alex Clarkson/Nick Cowles, Zeus Capital Limited 
 Tel: 0161 831 1512 
Stuart Forshaw, Corporate Broking, WH Ireland Limited 
 Tel: 0161 832 2174 
 
 
  Notes to Editor: 
 
 
Established in 2001 and quoted on AIM in December 2005, Braemar Group plc, 
through its two core divisions Braemar Securities Limited and Braemar Estates 
(Residential) Limited, creates and manages a range of real estate investment 
funds. 
 
Braemar Securities 
Braemar Securities specialises in fund raising for public and private companies. 
It sponsors and operates a range of property investment funds for the Group and 
for third parties. Braemar specialises in designing, promoting and managing 
innovative structured financial products and promotes its funds to high net 
worth individuals, via IFAs and other regulated entities. 
 
Braemar Estates 
Braemar Estates is responsible for the property management for Group funds and 
also has a diverse portfolio of over 2,000 managed residential properties 
throughout the UK. Braemar has expanded this highly successful service to 
private developers who require effective apartment-block property management. 
 
 
Website: 
www.braemar-group.co.uk 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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