Linc hold 10% and Hillgrove 7% of shares at the moment - the loan deal PB did means he can take a big chunk coverting debt at 1p per share. PB has loaned an extra EUR 500,000 via hillgrove since 2012 and may loan them more.
Looks like PHE is going commercial in Munich in 2014 according to this article
They have operated a demo plant there (Pyromex) for a few years.
The loan looks like another smart move from PB
QUOTE The loan is unsecured, repayable on 18 June 2014 and carries interest of 15% per annum. Hill-Grove has the option at any time to convert the loan in part or whole at a conversion price of 1p per share. Under the terms of the facility the principal amount can be increased at the sole discretion of Hill-Grove.
Hill Grove Investments has already provided the further EUR500,000.00 under this facility, which is used to satisfy the cash consideration of the Pyromex purchases and agreed that the Company may draw down further sums to meet working capital requirements per the terms of the convertible loan. ENDQUOTE
LNC Price at posting:
$1.79 Sentiment: LT Buy Disclosure: Held
