By Devika Patel
Knoxville, Tenn., Aug. 1 - Artisan (UK) plc said it has raised £1.75 million from a private placement of convertible loan notes.
The notes were sold to Aspen Finance Ltd.
Interest will accrue on the notes at 1.25% above the Natwest Base Rate.
The notes will mature on July 1, 2012.
The loan notes are convertible into ordinary shares at any time at a conversion price of 34.125p per ordinary share until June 30, 2009, 80p per share from July 1, 2009 to June 30, 2010, 85p per share from July 1, 2010 to June 30, 2011 and 90p per share after July 1, 2011.
The proceeds will be used for development.
Based in Huntingdon, England, Artisan builds houses and commercial business parks.
| Issuer: | Artisan (UK) plc
|
| Issue: | Convertible loan notes
|
| Amount: | £1.75 million
|
| Maturity: | July 1, 2012
|
| Coupon: | 1.25% above the Natwest Base Rate
|
| Price: | Par
|
| Conversion price: | 34.125p per ordinary share until June 30, 2009, 80p per share from July 1, 2009 to June 30, 2010, 85p per share from July 1, 2010 to June 30, 2011 and 90p per share after July 1, 2011
|
| Investor: | Aspen Finance Ltd
|
| Settlement date: | Aug. 1
|
| Stock symbol: | London: ART
|
| Stock price: | 27.5p at close Aug. 1
|
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