15 Jun 2012 07:00
iPoint-media Plc
("iPoint" or the "Company")
Restoration of Listing
Placing of Loan Notes
Appointment of Broker
On 14 December 2010, iPoint announced that it had sold substantially all of its assets and therefore had become an investing company under AIM Rule 15. Consequently, the Company was obliged to have made an acquisition that constituted a reverse takeover or otherwise have substantially implemented its investing policy within 12 months from that date.
iPoint has recently purchased for cash shares in certain quoted technology companies and, following the completion of these investments, the Company has now substantially implemented its investing policy and has satisfied the requirements of Rule 15 of the AIM Rules for Companies.
Against this background, the Company is pleased to announce that restoration of trading on AIM in the Company's shares is scheduled to occur at 07:30 today, Friday 15 June 2012.
Further Background
The Board is pleased to announce the appointment of Rivington Street Corporate Finance Limited ("Rivington") as broker to the Company.
Rivington has conditionally placed £250,000 of zero coupon secured loan notes ("Loan Notes") which are convertible into new ordinary shares in the Company (the "Placing"). The Placing is conditional on the Company undertaking a capital reorganisation, which is subject to shareholders' approval. It is intended that conversion of all the Loan Notes will take place immediately following the capital reorganization, and, the Loan Notes will convert into shares equivalent to 81.2% of the enlarged, and fully diluted, share capital of the Company.
A circular will be sent to shareholders shortly, providing further information, inter-alia, on the Loan Notes, the share capital reorganisation and the new investing strategy of the Company, which are subject to the receipt of shareholder approval.
For more information please contact:
Enquiries:
iPoint-media Plc +972 3606 1600
Simon Marks
Libertas Capital Corporate Finance Limited +44 (0)20 7569 9650
Sandy Jamieson
Rivington Street Corporate Finance +44 (0)20 7562 3350
Tom Stockton
Jon Levinson