IQE PLC - Cardiff-based supplier of advanced wafer products for the semiconductor industry - Enters into subscription agreements with a consortium of existing investors, senior executives and directors. The consortium is led by its largest shareholder, Lombard Odier, which holds a 15% stake in the group. IQE issues zero-coupon convertible loan notes agreed at a conversion price of 15 pence per share, to raise total proceeds of £18 million and conditional on shareholder approval at a general meeting. The initial term of the loan notes is 12 months, with an option to extend for a further six months.
IQE says the proposed transaction is ‘integral’ to its ongoing strategic review, and will ‘unlock significant unrealised value’ within the group.
Current stock price: 16.89p, down 2.7% in London on Wednesday afternoon
12-month change: down 32%
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