Funding update
31 7월 2009 - 8:59PM
UK Regulatory
TIDMASG
RNS Number : 6751W
Avanti Screenmedia Group PLC
31 July 2009
31 July 2009
ASG Media plc
("ASG" or the "Company") (AIM: ASG.L)
Funding update
ASG Media, the AIM listed leading digital screen media specialist, announces
today that the Company has secured further funding through the issue of
GBP75,000 of convertible loans (the "New Convertible Loans") to Neo Media Group
SA ("Neo Media").
The New Convertible Loans carry an annual interest rate of 10% percent and are
due to be repaid or converted in 12 months.
If converted, the New Convertible Loans carry a conversion price of 1p per share
which will require the issue of up to 7,500,000 new ordinary shares.
The proceeds will be used to provide further working capital.
As announced on 14 July 2009 Neo Media holds approximately 29.4 per cent. of the
issued share capital of the Company and has previously subscribed for GBP1.9m of
other convertible loans. As such the transaction is under Rule 13 of the AIM
Rules a related party transaction. The Directors, consider, having consulted
with its nominated adviser Charles Stanley Securities, that the terms of the
transaction are fair and reasonable insofar as its shareholders are concerned.
Upon full conversion of the existing convertible loans and the New Convertible
Loans Neo Media would own 180,136,363 ordinary shares representing up to a
maximum of 61.2 per cent of the Company's enlarged issued share capital.
The Board considers that the subscription for the New Convertible Loans is in
the best interests of the Company and Shareholders as a whole details of an EGM
to approve the issue of new shares will be sent to shareholders in due course.
Enquiries:
+------------------------------------------------+----------------------+
| ASG Media plc | 020 7902 2345 |
| Jamie Ball, Managing Director | |
| Gary Truman, CFO | |
| | |
+------------------------------------------------+----------------------+
| Charles Stanley Securities | 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook/Freddy Crossley | |
| | |
+------------------------------------------------+----------------------+
| Bishopsgate Communications Limited | 020 7562 3355 |
| Robyn Samuelson/Siobhra Murphy | |
+------------------------------------------------+----------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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