News Column

Sorbic International Gets Approval For Roll Over Of Loan Notes

August 29, 2014

Sam Unsted

LONDON (Alliance News) - Sorbic International PLC Friday said it has secured approval from A and B loan notes holders to roll over the notes and change the redemption date to December 31.

The new terms on the loan note instrument are a repayment equal to 10% of the principal amount outstanding if the principle is repaid between September 1 and October 31, rising to 20% if repaid between November 1 and December 31.

The Chinese sorbates manufacturer, when published its first-half results in June, said it would raise GBP250,000 thorugh the issue of convertible loan notes and 2.5 million new shares. It has warned of its need to expand its production capacity as critical to the future of the business.

Sorbic shares were untraded on Friday, quoted at 5.75 pence.

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Source: Alliance News

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