remember this back in may 07? Sentient Group could now inherit $3.25m in shares at 1.5 cents per share without any interest payment if the company decided to call it in. Maybe they don't want the shares yet?
The Board of Takoradi Limited (Takoradi) is pleased to advise that the Executive Chairman and CEO of Takoradi, has arranged additional working capital of $3,250,000 for the Company by way of an extension to the existing (3) year Convertible Note Issue which carries an 8% coupon and may convert into a further 220,000,000 Fully Paid Ordinary Shares @ 1.5cents per share. As a part of the arrangement, should Takoradi’s share price trade at a price of 1.8 cents per share at any time within the next 3 months at a 60 day weighted average price of 1.8cents per share, Takoradi can elect to call for the conversion of the Note into equity at 1.5cents per share. If this occurs there will be no interest due on the Note at the time of the conversion. The cancellation of the interest also applies to the existing $3,750,000 Convertible Note that was drawn down in December 2006. The Convertible Note has been issued to The Sentient Group (Sentient) an independent private equity firm based in the Cayman Islands.
TKG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
