21-Dec-2004 10:00:00

Debt Conversion - Issue of Equity

Posted by Emily Hodges on 21-Dec-2004 10:00:00
Emily Hodges

Asite announces that on 20 December 2004 it allotted 84,585,014 B ordinary shares to the Rotch Companies (being the Rotch Property Company Limited and R20 Limited, companies ultimately owned and controlled through the Tchenguiz Family Trust, hereinafter referred to collectively as the "Rotch Companies"), the consideration for which is the elimination of £8,458,501.40 of debt from the Rotch Companies to Asite. This allotment has occurred pursuant to the Extraordinary General Meeting held on 21 July 2004 where shareholder consent was sought and obtained, inter alia, to convert loans made by the Rotch Companies to equity. Consent was also sought and obtained to increase the authorised share capital of the company and to create up to 85,000,000 B ordinary shares.

Following the conversion of the loans made by the Rotch Companies there are now 102,910,633 ordinary shares and 84,585,014 B ordinary shares in issue. The Rotch Companies now hold 26,607,062 ordinary shares (25.85 per cent. of the issued ordinary shares) and 84,585,014 B ordinary shares (100 per cent. of the issued B ordinary shares).

The B ordinary shares participate in the profits and assets of the Company pari passu with the ordinary shares but are non-voting and confer no right to receive notice of or attend general meetings of the Company. They shall not be admitted to trading on AIM. The rights attached to the B ordinary shares were set out in greater detail in the circular sent to shareholders of Asite on 25 June 2004.