13 Mar 2009 09:29
13 March 2009
Avanti Screenmedia Group plc
("Avanti" or the "Company") (AIM: ASG.L)
Issue of Equity
Avanti, the AIM quoted leading digital screenmedia specialist, today announced that Novra Technologies Inc ("Novra"), which holds £133,640 Avanti Convertible Loan Notes (the "Loan Notes") has given notice to the Company to convert £66,820 Loan Notes at the conversion price of 1.25 pence per share, requiring the Company to issue 5,345,600 new ordinary shares. Following conversion of its Loan Notes, on admission Novra will hold 8.08 per cent of the enlarged issued share capital of the Company.
The Company has also received notice from Ossama A AbnouZeid to convert his entire holding of £25,000 Loan Notes at the conversion price of 1.25 pence per share requiring the further issue of 2,000,000 new ordinary shares. Following conversion of his Loan Notes, on admission Mr AbnouZeid will hold 3.02 per cent of the enlarged issued share capital of the Company.
Application has been made for these 7,345,600 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 20 March 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 66,168,036 ordinary shares of 1 pence each. A total of £2.2m Loan Notes remain in issue.
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Enquiries:
| Avanti Screenmedia Group plc Simon Rees, Chief Executive Gary Truman, Finance Director | 020 7902 2345 |
| Charles Stanley Securities Nominated Adviser Russell Cook / Freddy Crossley / Jen Boorer | 020 7149 6000 |
| Bishopsgate Communications Limited Jenni Herbert | 020 7562 3355 |
Websites:-
www.avanti-screenmedia.com