St Helens Finance plc

April 06, 2010 02:00 ET

Issue of Convertible Loan Notes

6 April 2010

                                      ST HELEN'S FINANCE PLC
                              ("St Helen's Finance" or "the Company")

                     Issue of Unsecured Convertible Loan Notes ("Loan Notes")
The Board of St Helen's Finance Plc are pleased to announce that further to the announcement of 23
March  2010  regarding  the  strategic investment by the City of London  Group  ("CoLG"),  it  has
completed a placing of £435,000 by way of an Unsecured Convertible Loan Note ("Loan Note") on  the
same  terms  as announced on 6th April 2009. The note carries a coupon of 8.50% with a  conversion
price of 9.50p, expiring on 31st December 2013.

Whilst the funds from CoLG were directed more specifically to the launch of the new legal product,
the  Directors  intend to use the latest funds raised from the issue of these Loan Notes  for  two

*        To facilitate the ongoing development of the Group including the capitalisation of a new,
         subsidiary which has an emphasis on financing business assets within the Energy sector
*        The remainder of the funds will be used as expansion capital including the submission  of
         an FSA regulatory application to enable the Group to increase its range of activities
In the event of conversion of the full £435,000 of the Loan Note a further 5,263,158 New Ordinary
Shares would be issued.

The Board confirms that Rick Abbott, Chairman of the Company has subscribed for £100,000 of the
Unsecured Convertible Loan Note which upon conversion would equate to 1,052,632 ordinary shares at
9.5p. Rick  Abbott  holds 2,030,090 (10.8%) of the issued share capital or in the event that  Mr  
Abbott exercised  or  converted all warrants options and loan notes 11,471,621 (21.03%) of  the 
enlarged issued share capital.

As  announced  on  24  July  2009,  the Directors note that there  are  already  convertible  debt
instruments  in place and if all the issued convertible loan notes, including the new loan  notes,
are  fully converted; all the warrants and all the staff options are exercised, there would be a
total of 54,551,813 shares in issue.

Norman Kenvyn, Managing Director, commented:

"Following  the  very positive investment from CoLG, as announced last week,  which  included  the
provision of £1m debt facilities, this additional fund raising clearly demonstrates the continuing
support of our shareholders and our strategy of building a focussed financial services company and
I look forward to building the Group over the coming year and delivering results that match  this

Separately  the  Board of St Helen's Finance Plc, the PLUS quoted independent  financial  services
company, confirms  that its audited accounts will be released no later than 28th  May  2010.  The
Directors also confirm that the proposed date for the AGM will be Monday 21 June 2010.

The Directors of the issuer accept responsibility for this announcement.



ST  HELEN'S FINANCE PLC                                                     Tel: 020 7628 4004
Norman Kenvyn, Managing Director
Rick Abbott - Chairman

RIVINGTON STREET CORPORATE FINANCE                                          Tel: 020 7562 3373
Leo Godsall

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