IQE closes convertible financing led by LOAM-managed accounts

IQE completed a convertible-loan-note fundraising with GBP 18 million of aggregate subscription proceeds. Existing shareholders, executives and directors participated in the consortium led by Lombard Odier. The issuer defines that name as Lombard Odier Asset Management (Europe) Ltd acting for discretionary funds and accounts, or as agent for Lombard Odier Asset Management (USA) Corp. This is managed-account investment, not a proprietary loan by the Swiss bank. Shareholders approved the transaction on 10 March. The notes are secured against UK assets and subordinated to HSBC's existing facility, amended simultaneously at closing. The GBP 18 million represents the full fundraising, not the manager's individual subscription.