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3 Sep 2009 15:08
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3Β September 2009
ASG MediaΒ plc
("ASG"Β orΒ theΒ "Company")Β (AIM:Β ASG.L)
FundingΒ update
ASG Media plc,Β theΒ leadingΒ digitalΒ screenΒ mediaΒ specialist,Β announcesΒ thatΒ itΒ hasΒ securedΒ further short term funding from Neo MediaΒ Group SA ("Neo Media").
TheΒ BoardΒ ofΒ ASGΒ continuesΒ toΒ seekΒ additionalΒ shortΒ termΒ fundingΒ toΒ meetΒ theΒ Company'sΒ immediateΒ workingΒ capitalΒ requirementΒ asΒ wellΒ asΒ toΒ financeΒ theΒ furtherΒ growthΒ andΒ developmentΒ ofΒ theΒ business.
Neo Media has committed a further Β£90,000 toΒ ASGΒ throughΒ subscription for furtherΒ Convertible Loan NotesΒ (the "Neo Media Subscription")Β which, when converted at the 1p per share conversion price, will require the issue of a furtherΒ 9Β million new ordinary shares. Following theΒ Neo Media Subscription,Β Neo Media will holdΒ 47,636,363Β ordinary shares,Β representingΒ 29.4Β per cent of the enlarged issued share capital,Β andΒ convertible loans which upon full conversion will require the issue of a furtherΒ 141,500,000Β newΒ ordinary shares. Upon full conversion of their convertible loan notes Neo Media will ownΒ up to a maximum ofΒ 62.4Β per cent of the Company'sΒ enlarged issued share capital.
The Directors, having consulted with Charles Stanley Securities, believe that the terms of the Neo Media Subscription are fair and reasonable so far as shareholders are concerned. The Directors reiterate that while the Neo Media Subscription meets the Company's immediate working capital requirements theΒ Company is continuing to seek further short term funding.
-Β ENDSΒ -
Enquiries:
|
ASG Media plc Jamie Ball, Managing Director Gary Truman, CFO |
020 7902 2345 |
|
CharlesΒ StanleyΒ SecuritiesΒ NominatedΒ Adviser RussellΒ CookΒ /Β FreddyΒ CrossleyΒ |
020Β 7149Β 6000 |
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