Humberts seeks to raise up to £2.25 million by the issue of Secured Convertible Loan Stock

On April 25, 2008, Humberts Group plc ("Humberts") announced that it proposed to raise up to £2.25 million by way of a placing of up to £2.25 million of Secured Convertible Loan Notes (but with a minimum placing of £1.5 million of Secured Convertible Loan Notes). The Notes were convertible into ordinary shares in the Company at a 25 per cent discount (or, in certain cases, 37.5 per cent discount) to the closing price of ordinary shares at the date any such Notes are converted. Humberts also implemented a share capital reorganisation to allow for the possibility that the Notes might have been converted at a price lower the previous par value of shares in Humberts.

Nigel Gordon, Anca Enica and Brendan Gallen of Fasken Martineau acted for Humberts on this matter.