African Medical Investments (LON:AMEI) has revealed that all bar US$2mln of the loan notes subscribed for by Harbinger Capital Partners have been converted into shares.
The private investment firm previously subscribed for US$6.8mln worth of loan notes, which have now been turned into 388mln shares in AMI.
The loan note instruments were converted at 1.125p per share using an exchange rate of 1.566 US dollars to every pound.
The company told investors on Friday that it was working hard to find a financing solution for the benefit of shareholders and was in final talks to convert existing loans notes to improve the balance sheet structure.
“Further to the company's announcement on Friday, I am pleased to report that this conversion of the Harbinger loan notes reduces the indebtedness of the company,” said chief executive Peter Botha.
“Our options in finding other financial solutions for the business have as a result improved and I look forward to updating shareholders in due course.”
The company provides healthcare at private hospitals across Africa and has hospitals in Dar es Salaam (Tanzania), Maputo (Mozambique) and Harare (Zimbabwe). Its current focus is on improving occupancy rates and optimising space.