Planet Payment, Inc. Conversion of Debt to Common Shares
[UK: LSE: AIM: PPT and PPTR; USA: OTCQX: PLPM], a leading international multi-currency payment and data processor, announces that the investors led by Camden Partners have converted their entire Convertible Debt into Common Shares.
The series of convertible promissory notes issued in February 2007 and April 2008, totaling $8,979,926 (the “Notes”), have been converted into Common Shares. The Company has applied to AIM for 4,474,776 new Common Shares in aggregate to be admitted to trading. 4,049,776 new shares are to be admitted to the unrestricted line trading under PPT, which were issued in respect of the principal and capitalized interest under the Notes. An additional 425,000 new shares are to be admitted to the Reg. S line trading under PPTR, issued in respect of accrued interest for the current year and a prepayment fee. Dealings in the above shares are expected to commence on 4 May 2011.
Following the completion of the above transactions Camden Partners and its affiliates will hold 6,747,056 Common Shares, representing 11.7% of the outstanding voting interests of the Company up from its previous holding of 4.3%.
Following the admission of all of the above shares the Company will have a total of 50,720,468 issued and outstanding Common Shares of which 42,541,286 Shares will be trading on AIM under the ticker PPT, the unrestricted line and 8,179,182 Shares will be trading on AIM under the ticker PPTR, the Reg S line. All unrestricted shares are tradable on the OTCQX in the United States under the ticker PLPM.
Commenting on the conversion of the debt, Philip Beck, Planet Payment’s Chief Executive Officer , said:
“We are very pleased at the decision by the lenders to convert their entire debt into Common Stock at this time. The early conversion of the final tranche of debt to equity continues the process commenced last year to strengthen our balance sheet.”
Planet Payment, Inc.
Graham N. Arad, SVP & General Counsel
Tel: + 1 516 670 3200
Redleaf Polhill (UK PR for Planet Payment)
Emma Kane /Rebecca Sanders-Hewett / Henry Columbine
Tel: +44 20 7566 6700
HJMT Communications, LLC (US PR for Planet Payment)
Hilary Topper / Kristie Galvani / Lisa Gordon
Tel: +1 516 997 1950
Canaccord Genuity Ltd (UK) (Nomad for Planet Payment)
Mark Williams / Andrew Chubb
Tel: +44 20 7050 6500
Canaccord Genuity, Inc. (US) (DAD for Planet Payment)
Tel: +1 617 371 3900
About Planet Payment®
Planet Payment’s Common shares trade in the UK on AIM under the symbols PPT for unrestricted Common shares and PPTR for Reg S Common shares and in the United States on the OTCQX under the symbol PLPM.
Planet Payment is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency. Our customer base of more than 45 acquiring banks and processors stretches from North America to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India.
Our solutions can differentiate product offerings and improve profitability, as well as help merchants transform credit card processing from a cost of doing business into a highly effective marketing and sales tool. We deliver increased transparency to cross-border commerce and offer international cardholders, whether online or in a store, restaurant or hotel, the comfort and convenience of paying in the currency they know best – their own.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment’s page on Facebook.