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ActivCard Increases Investment in ASPACE Solutions Limited

Friday 5 December 2003 17:58 CET | News

ActivCard has increased its investment in ASPACE Solutions Limited of London by providing an additional loan facility and exercising warrants for newly issued common shares.

ActivCard has agreed to provide a loan facility of up to 1 million pounds Sterling to ASPACE. The facility can be drawn down in three advances, with the third advance subject to ActivCards satisfaction as to the achievement of specific performance criteria by ASPACE. In connection with the loan, ASPACE issued warrants convertible into common shares of ASPACE at a price of 0.01 pounds Sterling per share. The conversion of the warrants will result in the issuance of shares that would effectively increase ActivCard ownership to 49 percent of ASPACE if the loan is completely drawn down. The loan bears interest at 6 percent per annum and is repayable on November 30, 2005. To date, the first two advances totaling 666,666 pounds Sterling have been drawn on the facility.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce