LONDON--(BUSINESS WIRE)--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.