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LONDON (Thomson Financial) - Sheffield United PLC. said shareholders at Monday's EGM approved the group's plans to issue up to 14.285 million pounds of convertible loan notes.
It is intended that about 10.58 million pounds of the issue will be funded by the rolling over of the 10.58 million existing loan and unpaid accrued interest owing to SDG Caledonia Holdings Ltd. -- a company indirectly controlled by Sheffield chairman Kevin McCabe's immediate family and related trusts -- which falls due for payment by end-August. The remainder of the funds received will be used to obtain planning permission for the redevelopment of the Fraser's Property KOP stand at Bramall Lane, to underpin investment in the first team and for working capital purposes, Sheffield added.
It is intended that about 10.58 million pounds of the issue will be funded by the rolling over of the 10.58 million existing loan and unpaid accrued interest owing to SDG Caledonia Holdings Ltd. -- a company indirectly controlled by Sheffield chairman Kevin McCabe's immediate family and related trusts -- which falls due for payment by end-August. The remainder of the funds received will be used to obtain planning permission for the redevelopment of the Fraser's Property KOP stand at Bramall Lane, to underpin investment in the first team and for working capital purposes, Sheffield added.
