They claim to have reasons for not stumping up, that deal was for 7.8 million pounds. Would take some big balls to fake a deal for nearly half a billion
. But whose to say they aren't out there...
Global Power Sources told Ascent that the transfer could not be completed as Salomon Partners failed to receive regulatory clearances and, as a result, the subscription has not been completed.
A condition of the subscription was that up to GBP7.4 million of the proceeds of the first tranche would be used to fund an offer by the company to holders of its 2013 convertible loan notes to repurchase and cancel up to 50% of the outstanding principal amount of the loan notes, at a price of 300 pence per GBP1 of principal.
As a result of the subscription not being completed, the conversion and redemption of its 2013 and 2014 convertible loan notes has also not yet taken place.
