EIF eiffel technologies limited

Jagan pays 25 cents!

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    The Directors of Eiffel Technologies Ltd (Eiffel) announced they have received formal notice from Jagen Pty Ltd (Jagen) pursuant to which the existing $2.75 Million Convertible Note Agreement held by Jagen
    is immediately converted to 25 Million ordinary shares in Eiffel.
    These new shares will rank equally with existing Eiffel securitiesand an application for listing these new shares on the ASX has beenmade.

    In accordance with the terms of the Note, Eiffel has also issued to Jagen an option to subscribe for 25 Million ordinary shares in Eiffel exercisable at 25 cents at any time within three years. As a consequence of this conversion, Jagen released its existing fixed and
    floating charge over Eiffel's assets and undertakings at the date of conversion.

    As a result of Jagen converting the Note to ordinary shares, this will simultaneously increase shareholders funds by $2.75 Million and reduce interest bearing debt by $2.75 Million with an annual interestsaving of approximately $136,000.

    Currently, Jagen (including interests related to Jagen) owns 15,575,232 Eiffel ordinary shares (14.8% on an undiluted basis). Following the above conversion Jagen's shareholding in Eiffel will increase to 40,575,232 ordinary shares equivalent to 31.18% on an undiluted basis.

    The Directors have also agreed for Jagen to retain its right to nominate two Director nominees on the Eiffel Board.

    regards,
    xmagx
 
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