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9 Oct 2008 18:04
ο»Ώ
9Β OctoberΒ 2008
Avanti Screenmedia Group plc
("Avanti" or theΒ "Company")
(AIM: ASG.L)
Funding update
Avanti, the AIM listed leading digital screen media specialist, announcesΒ today thatΒ the CompanyΒ hasΒ issuedΒ Β aΒ convertible loanΒ of Β£500,000Β (the "New Convertible Loan")Β to Neo MediaΒ Group SA ("Neo Media").Β Β
The New Convertible Loan carriesΒ an annual interest rate ofΒ 10%Β percent andΒ isΒ dueΒ to be repaid or convertedΒ 12Β monthsΒ from issue.
The New Convertible LoanΒ is convertible at aΒ price ofΒ 2pΒ per shareΒ which, if fully converted,Β will require the issue ofΒ 25Β million new ordinary shares.
The proceeds of the new Convertible Loans areΒ toΒ be used toΒ expandΒ Avanti's networks.
AsΒ announcedΒ on 22 August 2008Β NeoΒ Media holdsΒ approximatelyΒ 29.98Β per cent. of the fully diluted share capital of the CompanyΒ andΒ hadΒ subscribedΒ previouslyΒ for Β£300,000 by way ofΒ aΒ convertible loanΒ with terms identical to the Convertible Loan.Β Β As suchΒ the transactionΒ is under Rule 13 of the AIM Rules a related party transaction.Β Β 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.Β
The Board considers that the Subscription is in the best interests of the Company..
- ENDS -
Enquiries:
|
Avanti ScreenmediaΒ Group plc Simon Rees, Chief Executive Gary Truman, Finance Director |
020Β 7902 2345 |
|
Charles Stanley SecuritiesΒ Nominated Adviser Russell Cook / Freddy CrossleyΒ |
020 7149 6000 |
|
Bishopsgate Communications Limited Jenni Herbert |
020 7562 3355 |
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