Ultrasis enters financing arrangement with existing shareholder

Ultrasis, a provider of interactive healthcare products, has entered into a financing arrangement with an 'existing significant shareholder', Paul Bell, involving a combination of loan facilities and a subscription of ordinary shares.

Ultrasis, a provider of interactive healthcare products, has entered into a financing arrangement with an 'existing significant shareholder', Paul Bell, involving a combination of loan facilities and a subscription of ordinary shares.

Under the agreement, 178.57m shares will be issued to Fitel on behalf of Bell at 0.28p per share, raising £0.5m.

The transaction will take Bell's stake in the company to 19.64% of the issued share capital, equal to around 334.03m shares.

He will also make available two loan facilities to the company; the first is a convertible loan of £0.35m and the second is a term loan of £2.0m.

According to the agreement, the company is entitled to drawdown funds up to a maximum of £1.0m in any 12-month rolling period, and the amount of each individual drawdown must be a multiple of £10,000.

The outstanding drawn down amount will bear an interest rate of 4.0% per annum.

Furthermore, Bell has proposed the appointment of an additional non-executive director, expected to be Daniel Bate, who holds a number of directorships with W.H. Ireland and whose appointment will be effective on February 14th 2013.

The share price rose 23.21% to 0.34p by 15:25.

NR

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
How the end of cheap money could spark a house price crash
House prices

How the end of cheap money could spark a house price crash

Rock bottom interest rates drove property prices to unaffordable levels. But with rates set to climb and cheap money off the table, we could see house…
28 Sep 2022
Why UK firms should start buying French companies
UK stockmarkets

Why UK firms should start buying French companies

The French are on a buying spree, snapping up British companies. We should turn the tables, says Matthew Lynn, and start buying French companies. Here…
28 Sep 2022