14 Dec 2010 13:53
14 December 2010 iPoint Media Plc ("iPoint Media" or the "Company") Results of General Meetings
The Company announces the results of the general meeting of its shareholders and the extraordinary general meeting of its noteholders:
Shareholder General Meeting
At the shareholder general meeting held earlier today, all resolutions were duly passed. Consequently, subject to the minimum subscription of £300,000 being secured pursuant to the offer for subscription being carried out by Newco, shareholders have approved:
* the Restructuring of the Company. Principally, this involves the disposal
of the Company's trading subsidiaries; and
* the proposed Investment Policy.
Noteholder Extraordinary General Meeting
At the noteholder extraordinary general meeting held earlier today, allresolutions were duly passed. Consequently, subject to the minimum subscriptionof £300,000 being secured pursuant to the offer for subscription being carriedout by Newco, noteholders have approved:
* the waiver of the Covenants under the Loan Note Instrument and the granting
of a Security Interest to CSS Alpha Fund Ltd in relation to the Bridge
Loan; and
* the Exchange Offer, being the offer to the Noteholders to convert each £1
of nominal value of Loan Notes they hold into (i) 1.0406 Redeemable
Preference Shares and (ii) 1.8054 Ordinary Shares.
A further announcement will be made in the event that the minimum subscriptionhas been secured, at which time all of the aforementioned resolutions willbecome effective and the Company will be reclassified as an investing companypursuant to AIM Rule 15.Under AIM Rule 15, the Company will have until 14 December 2011, being 12months from the date on which the resolutions were passed, to implement itsinvestment policy, as detailed in the aforementioned circulars. Otherwise,trading in the Company's shares would be suspended at 7:30 a.m. on 15 December2011. The Company would remain provisionally suspended for six months,following which, if it would remain the case that the Company fails toundertake a reverse takeover or otherwise implement its investing policy, itwould be proposed to cancel the admission of the Company's shares with effectfrom 7:00 a.m. on 18 June 2012.
Definitions of all defined terms referred to above are available in the circulars sent to shareholders and noteholders on 26 November 2010, which are available at the Company's Rule 26 website at www.ipoint-media.com.
Shareholder circular: http://www.ipoint-media.com/investor/iPoint_Shareholder_circular.pdfNoteholder circular: http://www.ipoint-media.com/investor/79357_1%20iPoint%20-%20Noteholders%20Circular%20_Final%2026.11.2010_.PDFEnquiries:iPoint Media Plc +972 3606 1600 Simon Marks Cairn Financial Advisers LLP +44 20 7148 7900 Liam Murray / Avi Robinson
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