Convertible Loan Notes 2011 (5219U)

TIDMGOI

RNS Number : 5219U

GoIndustry-DoveBid PLC

22 December 2011

GoIndustry-DoveBid plc / Market: AIM / Epic: GOI / Sector: Support Services

22 December 2011

GoIndustry-DoveBid plc ('the Company' or 'the Group')

Convertible Loan Notes 2011

The Directors of the Company announce that the due date of the Company's loan notes 2011 has been extended to 30 June 2014.

Amendments to certain of the terms of the Company's outstanding GBP500,000 unsecured 12 per cent. convertible loan notes 2011 have been agreed with the sole remaining note holder. The notes which have a conversion price of GBP2.80 per share had been due for repayment on 31 December 2011.

In consideration for an extension of the repayment date to 30 June 2014, the Company has agreed to increase the redemption price, other than on a sale of the Company (resulting in any person, together with any person(s) acting in concert with that person, holding more than 50% of the Company's ordinary share capital), from par to 120 per cent. and on such a sale of the Company from 101 per cent. to 130 per cent.

**ENDS**

 
Jack Reinelt      GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Leslie-Ann Reed   GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Chris Fielding    WH Ireland Ltd             Tel: 020 7220 1650 
                   (Nominated Adviser) 
Felicity Edwards  St Brides Media & Finance  Tel: 020 7236 1177 
                   Ltd

Notes to editors:

GoIndustry-DoveBid plc, quoted on the London Stock Exchange's AIM market (Epic: GOI), is a global market leader in the provision of asset management, auction and valuation services. The Company delivers innovative solutions that help to value assets accurately, optimise asset utilisation and reduce costs. The Company combines its asset, industry and market expertise, with eCommerce technology to service the needs of multi-national manufacturing corporations, financial institutions, insolvency practitioners, used equipment dealers and asset based lenders around the world.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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