Close High Income Proposes Issuing GBP4.8M Convertible Loan Stock

13th Jul 2010 13:34

LONDON (Dow Jones)--Close High Income Properties PLC (CHI.LN) Tuesday announces the proposed issue of GBP4.75 million of Convertible Loan Stock, or CULS, to Alpha Tiger and Continuation of the Fund, plus associated proposals, which will be put to the approval of shareholders at an AGM and EGM to be held on Aug. 9. MAIN FACTS: -The Proposals comprise: * The CULS carry an annual coupon of 4.75% and can be converted at any time up to and including June 30, 2013 into Ordinary Shares at a Conversion Price of 31 pence; * The appointment of Alpha Real Capital, as the new property investment adviser to CHIP; The change of name of the Fund to Alpha U.K. Multi Property Trust plc; * The appointment to the Board of CHIP of Phillip Rose, Chief Executive of ARC, as non-executive director; and * the Continuation of the Fund for a further three year period. -Shares at 1232 GMT unchanged at 14.0 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 13, 2010 08:34 ET (12:34 GMT)