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News Centre Conversion of loan notes and total voting rights

 25 March 2015

 

MoneySwap plc

("MoneySwap" or the “Company”)

 

Conversion of loan notes and total voting rights

 

MoneySwap (AIM: SWAP), the provider of payment solutions to online and point of sale merchants licenced for UnionPay in the UK and the provider for UnionPay MoneyExpress service enabling overseas persons to send funds directly to UnionPay cardholders in China, announces the conversion of loan notes and subsequent issue of new ordinary shares of 0.1p each in the Company (“Ordinary Shares”).

 

Conversion of loan notes

The Company has today converted loans totalling US$2,721,612.45 (including accrued interest) (the "Loan Conversion") into 227,483,488 new Ordinary Shares (the "Loan Conversion Shares") at a conversion price of 0.8p per Ordinary Share.  The conversion price of 0.8p (the "Conversion Price") is higher than originally required under the loan agreements (being the average trading price for the 10 days prior to conversion) and has been agreed between the lenders and the Company.  The Conversion Price represents a 4% premium over the expected contractual conversion price in accordance with the loan agreements of 0.77p.  The loans being converted were provided to the Company by a substantial shareholder, Ton Yuan Enterprise Limited (“Ton Yuan”), and an independent third party, Prospect Trading Co., Ltd. (“Prospect”), further details of which were announced on 19 December 2012, 7 June 2013 and 24 March 2014.  Full details of the loans to be converted are as follows:

 

Lender

Principal repaid

Interest repaid

Total

Number of Loan Conversion Shares issued

Number of shares held following the conversion

Percentage of enlarged issued share capital

Balance of principal loan outstanding

Ton Yuan Enterprise Limited

US$610,000

US$33,090.42

US$643,090.42

53,752,125

206,155,495

24%

US$0

Prospect Trading Co., Ltd.

US$2,021,500

US$57,022.03

US$2,078,522.03

173,731,363

173,731,363

20.23%

US$334,000

Total

US$2,631,500

US$90,112.45

US$2,721,612.45

227,483,488

379,886,858

44.23%

US$334,000

 

Total voting rights

Application has been made for the Loan Conversion Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will occur on or around 1 April 2015.  On Admission the total issued share capital of MoneySwap will consist of 858,885,175 Ordinary Shares.  The Company currently holds no ordinary shares in treasury.  Therefore the total number of voting rights in the Company is 858,885,175.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of MoneySwap under the Disclosure and Transparency Rules.

 

Holdings in Company

Following the issue of the Loan Conversion Shares, Ton Yuan, a company owned by Chien-Wei Kao, and Prospect, a company owned by Yu-Chun Hsiao, now have total beneficial interest in 206,155,495 and 173,731,363 Ordinary Shares respectively, equivalent to 24.00% and 20.23% of the Company’s enlarged issued share capital.

- Ends-

 

For further information, please contact:

 

MoneySwap Plc

Allenby Capital Limited

MoneySwap Plc

Chief Executive Officer

Nominated Adviser

Financial PR

Richard Proksa

 

Nick Naylor

Alex Price 

James Reeve

Fiona Fenn Smith

 

+852 3919 9888  

+44 20 3328 5656

+44 7712 101922

 

About MoneySwap (www.moneyswap.com)

MoneySwap provides payment solutions and gateways to merchants which allow both online and point of sale transactions to be settled using UnionPay cards in the UK. In addition, UnionPay has licensed MoneySwap for its MoneyExpress service which enables overseas persons to send funds directly to UnionPay cardholders in China. The Company also offers prepaid card services working with partners such as Corner Bank, Switzerland and Visa and offers an online peer to peer platform for currency exchange and payments. The Company's shares are traded on the London Stock Exchange's AIM market (AIM: SWAP).  More information can be found at www.moneyswap.com