Midas to hand 20% stake to Lloyds in debt swap

Subject to shareholder approval, the restructuring will see £10.5m of the £36.5m owed to Bank of Scotland converted into ordinary shares and warrants in Midas, representing 19.99% of the company's issued ordinary share capital. A further £14m will be converted into cumulative redeemable preference shares and £12m will be put into a new senior debt facility. In order to retain and attract key employees, Midas also intends to put in place a management incentive scheme comprising nil-cost ordinary shares, options and/or warrants representing 15% of the ordinary share capital in issue immed...