Leclanche Rises After Securing Convertible Loan
Leclanche SA (LECN) rose the most in more than 10 years after the century-old Swiss battery maker said it has secured a 17 million-franc ($17.6 million) loan.
The shares advanced as much as 44 percent, the most since December 2002, and were up 28 percent at 4 francs as of 11:10 a.m. in Zurich. The stock has gained 5.8 percent this year, after losing more than three quarters of its value in 2012.
“This financing has been secured after a long and difficult fundraising effort,” the Yverdon-les-Bains, Switzerland-based company said in a statement today.
The three-year convertible loan comes from Precept Fund Management SPC, which has exercised its right to nominate Bryan Urban and Jim Atack to the board of Leclanche. The company, which appointed turnaround adviser Talisman Infrastructure Ventures in February, said today that it expects to break even in 2015, depending on the success of a new product.
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