14 Jul 2009 16:52
14 July 2009
Avanti Screenmedia Group plc
("Avanti" or the "Company") (AIM: ASG.L)
Issue of Equity.
The Board is pleased to announce that Neo Media Group SA has today converted £300,000 into 30,000,000 ordinary shares. Following the Neo Media Subscription, Neo Media will hold 47,636,363 ordinary shares, representing 29.4 per cent of the enlarged issued share capital, and convertible loans which upon full conversion will require the issue of a further 125,000,000 new ordinary shares. Upon full conversion of their convertible loan notes Neo Media will own up to a maximum of 60.2 per cent of the Company's enlarged issued share capital.
The Company has also today issued 6,750,000 ordinary shares to Gary Truman, CFO, in lieu of cash remuneration owed to him under the terms of his contract. Mr Truman now has a shareholding of 17,064,107 being 10.5% of the issued ordinary share capital of the Company.
Accordingly application has been made for the 36,750,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 20 July 2009. The new ordinary shares will rank pari passu with the existing shares of the Company. Following this issue the total issued share capital of the Company will increase to 161,763,636 ordinary shares of 1 pence each. A total of £ 1.8m Loan Notes remain in issue.
| Avanti Screenmedia Group plc Jamie Ball, Managing Director Gary Truman, CFO | 020 7902 2345 |
| Charles Stanley Securities Nominated Adviser Russell Cook/Freddy Crossley | 020 7149 6000 |
| Bishopsgate Communications Limited Robyn Samuelson/Siobhra Murphy | 020 7562 3355 |