Convertible Loan Note
Extension and Issue of Equity
Global Banking News-July 20, 2011--Red Rock Resources plc - Issue of Secured Loan Note
and Warrants(C)2011 ENPublishing - http://www.
The gain attributable to the loan notes
is normally taxed when the loan note
is repaid, which will be 28% if ER is not available.
This results in a reduced value and coupon loan note
and conversion of some debt and loan notes
5m cash injection, a reduced value and coupon loan note
and a significant conversion of debt and loan notes
The convertible loan note
secured during the period will allow the company to accelerate the development of DrugPrint and PathScore.
On 5 February 2014 Ascent Resources PLC announced that it entered into a convertible loan note
agreement for up to GBP5 million in funds.
ER does not automatically apply to loan notes
, and will (unless an election is made to tax the gain at the same date as the share sale) be taxed at 28% (or maybe even higher if CGT subsequently increases further) when the loan note
Proventec also had a large payment to make at the end of June which coincided with a loan note
and interest payments.
The loan note
holders have been granted naming rights to the new stadium, valued at pounds 9m, and that, says City, leaves pounds 15m owed.
The Company has been issued with 4,546,428 new ordinary shares in All Star Minerals plc in lieu of interest pursuant to the unsecured convertible loan note
of GBP20,000 (the "Loan Note
This reduced gain was capable of being rolled into the loan note
so that when the loan note
was paid, the reduced gain became taxable at the CGT rate at that time.