Hope this helps understand better29 Dec 2018 02:52
RNS from initial Bond issuance. Won't be such a bad deal for the $10m. Over subscribed last time x 3 and auction for subscription so better price guarantee.
Also see that MTMY sold their email system in August for $8.5m. So that's 2 sales in last few months worth $16m dollars in total.
They certainly are not hand to mouth. All of this has come about because they wanted to renegotiate the terms (get a better deal), that's all IMO. Happy to hold here...
Matomy Media Group Ltd.
Completion of Institutional Tender
Matomy Media Group Ltd. (the "Company") is pleased to confirm that, further to the announcement made on 28 December 2017 regarding the contemplated issuance of convertible bonds, it has completed the Institutional Tender in connection with such issuance.
The Institutional Tender was completed following the recent appointment of new CEO Liam Galin, and a successful roadshow among leading institutional investors in Israel, resulting in Matomy successfully completing the institutional stage of its convertible bond issuance which has been approved by the Tel Aviv Stock Exchange.
The Company is pleased to announce that at the institutional stage the bond was over three times oversubscribed, with institutional demand of nearly 280 million NIS. The Company will be raising NIS 80 million from institutional investors, who participated in this stage, this, as planned represents 80% of the total bond issuance.
As previously noted the proceeds from the issuance will be used mainly to acquire an additional 10% of Team Internet, a global market leader in domain monetization, raising Matomy's holding to 90%. Matomy expects to acquire the final 10% of Team Internet in November 2018.
The following shareholders, each of whom are related parties for the purposes of the High Growth Segment Rules for Companies because they are either directors of the Company ("Directors") or substantial shareholders, will be purchasing bonds through the Institutional stage. The pricing of the bonds is subject to an auction process, with acceptances above the minimum price level.