LONDON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BerkshireHathaway?src=hash” target=”_blank”gt;#BerkshireHathawaylt;/agt;–The Board of Staminier is pleased to announce that it has constituted
and issued £275,000 of new 10-year 7.28% convertible redeemable loan
notes (“Loan Notes”) in exchange for 1,685 Berkshire Hathaway Class B
common stock.
The Loan Notes are convertible into new Staminier ordinary shares of
£0.05 each (“Staminier Shares”) at a conversion price of £0.18 per
Staminier Share if converted within the first year of issue, with the
conversion price rising by £0.05 per annum thereafter.
The Board of Staminier also intends to enter into an agreement to
acquire a further 1,815 Berkshire Hathaway Class B common stock by the
issue of a further £295,466 of Loan Notes. representing 3,500 Berkshire
Hathaway Class B common stock and £570,466 of Loan Notes in total. The
last traded price of Staminier Shares immediately prior to this
announcement was £0.13 per Staminier Share.
Commenting on the transaction, Tim Stanton director of Staminier said:
“We are delighted to have been able to exchange our Loan Notes for
Berkshire Hathaway shares, a company run by the legendary team of Warren
Buffett and Charlie Munger and considered by many to be the most
successful investment company in the world. Whilst, regrettably, it is
unlikely we will be able to achieve the stellar returns of Berkshire
Hathaway over so many years, we are hopeful that we will generate a
better return over the next few years so that the conversion price of
the Loan Notes is substantially less than the price of Staminier Shares
prevailing at the time”.
About Staminier: Staminier has been established to act as an
aggregator – acquiring businesses and assets at what the Company
believes to be a discount to their intrinsic value, and to then benefit
from scale: both by sharing resources between group companies but also
by achieving sufficient scale to list the Company’s shares on the
capital markets with sufficient liquidity to ensure that Staminier stock
can be used as a liquid currency to make further value enhancing
acquisitions and to accelerate future growth. By acquiring businesses
and assets at a discount to intrinsic value the Company aims to rapidly
enhance shareholder value.
For the full announcement see www.staminier.com/news/
and www.staminier.com
and https://staminier.com/latest-share-price/.
Contacts
Tessa Stanton
[email protected]
