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9 Oct 2008 18:04
ļ»æ
9Ā OctoberĀ 2008
Avanti Screenmedia Group plc
("Avanti" or theĀ "Company")
(AIM: ASG.L)
Funding update
Avanti, the AIM listed leading digital screen media specialist, announcesĀ today thatĀ the CompanyĀ hasĀ issuedĀ Ā aĀ convertible loanĀ of Ā£500,000Ā (the "New Convertible Loan")Ā to Neo MediaĀ Group SA ("Neo Media").Ā Ā
The New Convertible Loan carriesĀ an annual interest rate ofĀ 10%Ā percent andĀ isĀ dueĀ to be repaid or convertedĀ 12Ā monthsĀ from issue.
The New Convertible LoanĀ is convertible at aĀ price ofĀ 2pĀ per shareĀ which, if fully converted,Ā will require the issue ofĀ 25Ā million new ordinary shares.
The proceeds of the new Convertible Loans areĀ toĀ be used toĀ expandĀ Avanti's networks.
AsĀ announcedĀ on 22 August 2008Ā NeoĀ Media holdsĀ approximatelyĀ 29.98Ā per cent. of the fully diluted share capital of the CompanyĀ andĀ hadĀ subscribedĀ previouslyĀ for Ā£300,000 by way ofĀ aĀ convertible loanĀ with terms identical to the Convertible Loan.Ā Ā As suchĀ the transactionĀ is under Rule 13 of the AIM Rules a related party transaction.Ā Ā The Directors, consider, having consulted with its nominated adviser Charles Stanley Securities, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.Ā
The Board considers that the Subscription is in the best interests of the Company..
- ENDS -
Enquiries:
|
Avanti ScreenmediaĀ Group plc Simon Rees, Chief Executive Gary Truman, Finance Director |
020Ā 7902 2345 |
|
Charles Stanley SecuritiesĀ Nominated Adviser Russell Cook / Freddy CrossleyĀ |
020 7149 6000 |
|
Bishopsgate Communications Limited Jenni Herbert |
020 7562 3355 |
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