29 Oct 2009 14:29
29 October 2009
ASG Media plc
("ASG" or the "Company")
Funding update
The Board of ASG Media plc confirms that the Company has restructured £196,213 of existing short term liabilities payable to Harris Liontas into a convertible loan.
The new convertible loan carries an annual interest rate of 10 per cent. and is due to be repaid or converted in 12 months. The new convertible loan is convertible at a price of 1p per new ordinary share which, if fully converted, will require the issue of up to 19,621,300 million new ordinary shares representing 10.8% of the enlarged issued share capital.
Meanwhile the Company continues to seek further urgent funding to meet the Company's immediate working capital requirement and longer term development plans. The Company intends to update Shareholders imminently with further information with regards the outcome of the continued funding discussions.
Enquiries:
| ASG Media plc Jamie Ball, Managing Director Gary Truman, Finance Director | 020 7902 2345 |
| Charles Stanley Securities Nominated Adviser Russell Cook / Freddy Crossley | 020 7149 6000 |