21 Sep 2010 18:01
21 September 2010 iPoint-media plc ("iPoint-media" or "the Company") Result of meeting of Loan Note holders
iPoint-media plc (AIM:IPNT) announced on 31st August 2010 that it was seeking consent from holders of its Loan Notes (the "Noteholders") to defer the next interest payment, due on 30 September 2010 in accordance with the Loan Note Instrument, until the Company has implemented a comprehensive restructuring of its business and debts. At the Noteholders' meeting held on 21 September 2010, consent was given by the requisite majority of Noteholders in respect of the deferral of the interest payment.
In conjunction with the deferral of interest, the deferred interest due to Noteholders on 30 September 2010 (the "Deferred Interest Amount") will bear default interest at a rate of 12 per cent. per annum, until paid. The Deferred Interest Amount and the default interest amount due on the Deferred Interest Amount will be added to the principal amount of the Loan Notes and paid to Noteholders together with repayment of principal in accordance with the terms of the Loan Notes Instrument.
The Company plans to implement a more significant restructuring of its business and debt so as to create a basis for a new fundraising.
Further enquiries:iPoint-media plc +(0) 972 544 450 667Muki Geller
Libertas Capital Corporate Finance Limited +44 (0) 207 569 9650Andrew McLennan/Thilo Hoffmann .
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