Convertible Secured Loan Note Instrument


 

TIDMKSI 
 
RNS Number : 1204O 
Kleenair Systems International PLC 
23 June 2010 
 

                       KLEENAIR SYSTEMS INTERNATIONAL PLC 
                                   (AIM: KSI) 
 
                    Convertible Secured Loan Note Instrument 
 
Kleenair Systems International  ("Kleenair") announces that it has entered into 
a convertible secured loan note instrument dated 22 June 2010 under which 
Kleenair may issue up to GBP1 million secured convertible loan notes ("CLN") to 
Global Investment Strategy (UK) Limited. 
 
The instrument constituting the CLNs (the "Instrument") provides that the CLNs 
will be redeemed on 22 December 2012 or earlier in the event of a material 
breach by Kleenair of any of the terms of the Instrument and carry a rate of 5% 
interest which accrues on a daily basis and is payable in cash on redemption or 
a by the issue of new ordinary shares in Kleenair  on conversion. 
 
The CLNs may be converted into new ordinary shares of Kleenair at any time on 
notice served by the noteholder in accordance with the terms of the instrument 
at a price of 27p per share or at a discount of 10 per cent. to the average 
market price based on the previous five business days trading, whichever is 
lower. 
 
GIS owns 150,000 shares in Kleenair, representing approximately 5 per cent of 
the current issued share capital and is a company in whose shares John Gunn has 
a controlling interest. Mr Gunn currently owns 500,001 shares in Kleenair, 
representing approximately 16.5 per cent. of the current issued share capital. 
The directors, who have consulted with WH Ireland, consider the terms of this 
transaction are fair and reasonable insofar as the shareholders of Kleenair are 
concerned. 
 
Kleenair continues to be managed on a basis to conserve cash while the directors 
consider future strategy. Monies raised from the issue of CLNs will be applied 
towards Kleenair's ongoing working capital requirements and to enable the 
company to complete appropriate due diligence enquiries in relation to 
opportunities to invest in businesses which the directors consider will best 
lead to enhanced shareholder value. 
 
+--------------------------------+---------------------------------+ 
| Contacts:                      |                                 | 
+--------------------------------+---------------------------------+ 
|                                |                                 | 
+--------------------------------+---------------------------------+ 
| Kleenair Systems International |       www.kleenairsystems.co.uk | 
| plc                            |                                 | 
+--------------------------------+---------------------------------+ 
| Sarah Pozner, Company          |            +44 (0) 207 736 3498 | 
| Secretary                      |                                 | 
+--------------------------------+---------------------------------+ 
|                                |                                 | 
+--------------------------------+---------------------------------+ 
| Biddicks                       |              www.biddicks.co.uk | 
+--------------------------------+---------------------------------+ 
| Zoë Biddick                    |            +44 (0) 20 7448 1000 | 
+--------------------------------+---------------------------------+ 
|                                |                                 | 
+--------------------------------+---------------------------------+ 
| WH Ireland Limited             |            www.wh-ireland.co.uk | 
+--------------------------------+---------------------------------+ 
| JN Wakefield / Marc Davies     |            +44 (0) 117 945 3470 | 
+--------------------------------+---------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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Kleenair (LSE:KSI)
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