ASHT Ashton Penney

RNS Number:2528Q
Ashton Penney Holdings PLC
17 March 2008



For Immediate release
17 March 2008

Ashton Penney Holdings Plc
 ("Ashton Penney" or the "Company")
Issue of Unsecured Convertible loan notes / Directors dealing

The Board of the Company announces that it has issued �336,000 of unsecured
convertible loan notes (the "Loan Notes").   The Loan Notes bear interest at
8.5% per annum and are redeemable on or after 3 January 2011.  The Loan Notes
may be  converted at any time, by the Loan Note holder, for new ordinary shares
in the Company at a conversion price of 1.5p  per ordinary share, representing a
premium of 33.3% to the closing mid-market price per ordinary share at the close
of  business on 14 March 2008 of 1.125p.

If any Loan Notes are still outstanding at the redemption date of 3 January 2011
and if the average mid-market price  per ordinary share exceeds 1.75p, then the
Company has the right to require the convertible loan note holders to  convert
into ordinary shares on the basis as set out above.

The Loan Notes are being issued in exchange for amounts outstanding by way of
Directors' fees and contractual pension  contributions, subscriptions for cash
and in respect of existing short term outstanding indebtedness as set out below:

Subscriber                                      Conversion       New cash            Existing         TOTAL
                                                of amounts     subscribed         outstanding
                                               outstanding                         short term
                                                 by way of                       indebtedness
                                                  fees and
                                                   pension

Colin Maitland (Non-Executive Chairman)            �40,000               -           �160,000      �200,000
Graham Cole (Non-Executive Director)               �16,000               -            �20,000       �36,000
Bruce Page (Chief Executive)                       �10,000         �20,000            �10,000       �40,000
Stephen Kittoe (Company Secretary)                       -               -            �10,000       �10,000
External investor                                        -         �50,000                  -       �50,000
                                        ------------------  -------------- ------------------ -------------
                                                   �66,000         �70,000           �200,000      �336,000
                                        ------------------  -------------- ------------------ -------------

The proceeds will be used by the Company to provide further working capital and
the conversion of other loans and  amounts outstanding to Loan Notes will help
strengthen the balance sheet.

Colin Maitland and Graham Cole are substantial shareholders of the Company, as
defined by the AIM Rules. Additionally,  Colin Maitland, Graham Cole and Bruce
Page are Directors of the Company.  The issue of the unsecured convertible loan 
notes to them is therefore a Related Party Transaction as defined by AIM Rule
13. Accordingly, there are no independent  Directors for the purposes of AIM
Rule 13. Beaumont Cornish Limited, the Company's Nominated Adviser, considers
that  the terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.

For further information:
Ashton Penney (Tel: 020 7337 6900)    Beaumont Cornish (Tel: 020 7628 3396)
Bruce Page, CEO                       Roland Cornish

ENDS



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