Pressfit Holdings PLC New Convertible Loan Notes Program (3563Z)

TIDMPFIT

RNS Number : 3563Z

Pressfit Holdings PLC

10 December 2014

Pressfit Holdings plc

("Pressfit Holdings" or the "Company")

New Convertible Loan Notes Program

The Board of Pressfit Holdings plc (AIM: PFIT), a manufacturer and distributor of stainless and carbon steel pipe connectors, is pleased to announce that it has agreed to issue GBP521,410 (equivalent to approximately RMB5 million) Convertible Loan Notes ("CLNs") to two investors. The CLNs will be issued upon receipt of consideration which is expected on or around 23 December 2014. The CLNs have a three year maturity and carry an interest rate of 6% p.a. The conversion price is GBP0.11 per share.

Mr. Huang Jiang will subscribe to GBP260,705 and Mr. Lin Yong Qing will subscribe to GBP260,705 of the CLNs. Messrs. Huang and Lin jointly own several steel related trading and manufacturing businesses and one of the Chinese companies which they control named Guangdong Anbaote Pipe Industry Co. Ltd ("Guangdong Anbaote") is a distributor of Pressfit's products in China. Guangdong Anbaote has entered into a distribution arrangement with the Company in which Guangdong Anbaote has agreed to order a minimum of RMB3 million (approximately GBP312,845) worth of Pressfit's products by the end of November 2015.

The proceeds will be used for working capital and to strengthen the balance sheet.

Enquiries:

 
Pressfit Holdings plc 
Chiu Yung Kit (Henry Chiu)                         +852 2207 0235 
 
 
Daniel Stewart & Company Plc (Nominated Adviser) 
Paul Shackleton / Alex Brearley                    +44 (0) 207 776 6550 
 
Daniel Stewart & Company Plc (Broker) 
Martin Lampshire                                   +44 (0) 207 776 6550 
 
First City Public Relations 
Allan Piper                                        +852 2854 2666

About Pressfit Holdings plc.

Pressfit Holdings is engaged in the manufacture and distribution of stainless and carbon steel pressfittings for use within industrial and residential piping systems. Pressfitting is a method of mechanically joining metal pipes to a connector, to create a reliable sealed joint. Pressfit Holdings, through its wholly-owned subsidiaries (collectively the "Group"), uses bespoke tooling to manufacture high-precision, thin-walled pipe connectors for supply to the European, Asian and Chinese markets. The Group's management and sales functions operate from Hong Kong. The Group's manufacturing unit is a production line facility in nearby Zhuhai, within Guangdong province in China.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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