Reminder9 Feb 2012 08:14
RNS
RNS Number : 9943W
8th February 2012
Timeweave plc
("Timeweave" or the "Company")
ACQUISITION OF CONVERTIBLE LOAN NOTES
Timeweave announces the acquisition of £3.068m of Convertible Loan Notes in DCD Media plc, the AIM-listed independent TV production and distribution group.
The loan notes have been purchased from Gartmore Smaller Companies Trust, Standard Life UK Smaller Companies Trust, Barnard Nominees, Universities Superannuation Scheme, Rockmore Investment Master Fund, Artemis Investment Management and Henderson Global Investors.
Total consideration for the acquired debt, which has been satisfied in cash from the Company's existing cash reserves, is £2.087m.
All of the acquired loan notes have a maturity date of 1st October 2012. Under the terms of the loan note instrument, the debt earns interest at 8 per cent per annum, which is rolled up; £2.093m of the loan notes are convertible into ordinary shares in DCD Media plc at 18p and £975,000 of the loan notes are convertible into ordinary shares in DCD Media at 1p and conversion of the loan notes, if exercised, is possible up to a maximum of 29.99% of the DCD Media plc issued share capital.
David Craven, Chief Executive of Timeweave, today commented:
"This investment is consistent with Timeweave's strategy of growth and delivering shareholder returns through investment. We have been following DCD Media for some time and took this opportunity to acquire the majority of the Convertible Loan instruments. We will update Timeweave shareholders in due course regarding this investment."