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SuperLife swaps notes for Energy Mad share

NZN 21/02/2017 Sophie Boot

SuperLife, the funds management business owned by NZX, has swapped 2.25 million convertible notes for just under 70 million shares in Energy Mad, giving it 71.4 per cent of the energy efficient lightbulb marketer.

The convertible note facility was agreed to by the company's shareholders in February 2014, giving Energy Mad the option to draw down up to $2.25 million over three years.

At that stage, Energy Mad shares were trading at 37.8 cents each, and SuperLife could have converted the note to shares at 35 cents per share.

Energy Mad shares last traded at 2.9 cents, and the shares were issued to SuperLife at 3.22 cents each, the average closing market price for the five business days prior to conversion on February 20.

Before the conversion, SuperLife held 45.64 per cent of Energy Mad. It moved the convertible notes to nominee BNP Paribas and Smartshares, as custodian and manager respectively of the SuperLife Invest scheme, in November 2016.

In June last year, Energy Mad borrowed $1m from SuperLife paying 15.75 per cent for a one-year loan. It also owes SuperLife $500,000, money it borrowed in September 2015 for a period of up to 3 years, and $1m to NZX-owned Smartshares, which it borrowed in November 2016 for a year at 20 per cent interest.

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