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Take the ****s out!
Kats the article is up there under share news, posting it was pointless.
Buy the ****s out
Cannot understand why we are just going to sit back and let it all happen, surely someone out there knows what can be done. I knew these sewer rats would scam us. They must be something to stop them delisting. It wouldn't surprise me if the BOD had not got an interest in the US company.
Hey, now. Play nice... good intentions! He's not trolling...
Cheers Christopher99, we were totally unaware of this news.
Is there anything else you would like to cut and paste for our edification and education?
Music streamer Napster converts loans into shares ahead of US move
Fri, 3rd Dec 2021 11:49
(Alliance News) - Napster Group PLC on Friday said it converted loans into shares, while its employee benefit trust subscribed for shares as well.
The shares were issued after Napster said Thursday it will delist from the AIM market in London and become a private US company called NM Inc.
Shares were down 12% at 0.35 pence each on Friday morning in London, having halved in value on Thursday.
The London-based music streaming platform formerly known as MelodyVR on Thursday said that since its reverse takeover of the Napster business in December of last year, its employees, consumers and other stakeholders now are predominantly in the US, with 42% of revenue generated in North America.
Napster has created Delaware-incorporated NM to buy Rhapsody, the subsidiary that holds almost all of its assets and liabilities, for USD45.6 million.
Existing shareholders will receive one NM share for each Napster share they hold following a 750-into-1 share consolidation.
It has called a general meeting for December 20 to approve the transaction, with shareholders representing 45.8% of the company already committing to vote in favour.
In the meantime, Napster on Friday said it received a conversation notice of exercise from Nice & Green SA for convertible loan notes it holds.
As a result, Napster converted the GBP2.0 million in loan notes into 200.0 million new ordinary shares.
Additionally, the company issued 8.3 million new ordinary shares to Davis Partnership LP in lieu of accrued interest of USD419,167 in accordance with a loan facility entered with Davis on April 1. The loan facility set out a prescribed price of 3.75p per share.
Meanwhile, the employer benefits trust subscribed for 248.0 million new ordinary.
The subscription by the trust will be used to put into effect a joint share ownership plan which was implemented to incentivise and retain key members of the executive management team.
"It is only appropriate that we seek to properly incentivise our management team in advance of both the launch of our new music platform and the strategy to secure a listing in the US. This step aligns management's interests with those of our shareholders and ensures appropriate focus on the creation of long-term equity value," Non-Executive Chair Simon Cole explained.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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