INC.L Regulatory News (INC)

21 Sep 2007 07:02

Avanti Screenmedia Group PLC21 September 2007 21 September 2007 Avanti Screenmedia Group plc ("Avanti" or the "Company") Funding update Further to the announcement of 3 September 2007, the Board of Avanti confirmsthat the cash position has again been improved through a fundraising of aminimum of £0.68 million by way of a convertible loan of (the "ConvertibleLoan") and a placing (the "Placing"), subject to shareholder approval at an EGM. The Convertible Loans of approximately £0.33 million, has been committed by 8parties, including commitments from 3 of the Directors, together investingapproximately £0.13 million. The Convertible Loan carries an annual interestrate of 10 percent and is due to be repaid or converted in 6 months. Ifconverted, the Convertible Loan will require the issue of up to approximately3.9 million new ordinary shares being at a price of 8.375p. The Placing which is subject to EGM approval has had commitments to the Companyto raise minimum of approximately £0.35 million by way of a Placing of 5 millionnew ordinary shares at a price of 7p each. Further details of the Fundraising will be contained in the EGM circular toconvene a shareholder meeting at which the Company will seek the approval ofshareholders to issue equity pursuant to the Placing and Convertible Loan. Enquiries: Avanti Screenmedia Group plc 0207 902 2345Simon Rees, Chief ExecutiveGary Truman, Finance Director Charles Stanley Securities 020 7149 6000Nominated AdviserRussell Cook / Freddy Crossley Bishopsgate Communications Limited 020 7562 3350Maxine Barnes / Jenni Herbert This information is provided by RNS The company news service from the London Stock Exchange