Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

July 15, 2009 02:00 ET

Turbo Power Systems Inc.: Issue of Shares

LONDON, UNITED KINGDOM--(Marketwire - July 15, 2009) - Turbo Power Systems Inc (TSX:TPS) (AIM:TPS) (The "Company") -

The Company announces that on 14 July 2009, the Company issued 1,664,368 Common Shares of no par value ("New Shares") to holders of its 2005 series Convertible Loan Notes, in consideration for payment for the interest due on those loan notes for the period 1 January 2009 to 30 June 2009 at a price of 1.4p per share. Issue of the New Shares is conditional upon admission of the New Shares to AIM.

Under the terms of the Convertible Loan Note, the Company can elect to settle the bi-annual interest payments by issue of Common Shares in Turbo Power Systems Inc., at a price calculated on the average of the previous five day closing prices.

The average price for shares thus issued was calculated as 1.4p.

The New Shares represent 0.5 per cent. of the enlarged issued share capital following the issue of the New Shares.

Application has been made for the New Shares to be admitted to AIM and to the Toronto Stock Exchange ("TSX"). The shares will rank pari passu with the existing issued shares in the Company. Dealings in the New Shares are expected to commence on 21 July 2009.

Contact Information

  • Turbo Power Systems Inc.
    Richard Bayliss
    Finance Director
    +44 (0)20 8564 4460
    or
    Kreab Gavin Anderson (PR)
    Ken Cronin
    +44 (0)20 7554 1400
    or
    Kreab Gavin Anderson (PR)
    Michael Turner
    +44 (0)20 7554 1400
    or
    KBC Peel Hunt Ltd
    Daniel Harris
    +44 (0)20 7418 8900
    or
    KBC Peel Hunt Ltd
    Nicholas Marren
    +44 (0)20 7418 8900