INC.L Regulatory News (INC)

RNS Number : 6954J

ASG Media PLC

01 April 2010

 

1st April 2010

 

ASG Media PLC

(the "Company")

 

Approval of CVA

Result of EGM

Issue of New Shares, Warrants and Convertible Loan Stock,

Change of Registered Office

Change of Name

 

At the Company's General Meeting ("GM") held earlier today all resolutions, as set out in the circular to shareholders dated 16 March 2010 (the "Circular"), were duly passed. The Company also announces that it has in principal, secured further funding of up to £200,000 by way a further Convertible Unsecured Loan. Further details of this proposal will be announced once terms have been finalised.

 

The Company Voluntary Arrangement ("CVA") was also approved at a meeting of the Company's creditors held immediately prior to the GM.

 

Following the passing of the Resolutions at the GM and the approval of the CVA by creditors the Company is proceeding with the capital reorganisation as set out in the Circular. As a result existing shareholders will retain their shares on the basis of approximately 1 ordinary share for every 550 shares held prior to the capital reorganisation. The Company has today issued, and application has been made, for 1,807,585 new ordinary £0.00001 shares (the "New Ordinary Shares") to be admitted to trading on AIM. Admission is expected to be on or around 9 April 2010.

 

The Board has also granted a total of 60,800,949 warrants and has issued £50,000.00 of convertible unsecured loan stock 2012 in accordance with the basis of the capital reorganisation set out in the Circular.

 

Following the issue of the New Ordinary Shares the Company's total issued share capital will be 2,099,051 ordinary shares. The Company anticipates that suspension from trading on AIM will be lifted on or around 9 April 2010.

 

At the GM approval was also given for the change of the Company's name from ASG Media PLC to Insetco PLC. A separate announcement will be made once this change has been recorded at Companies House and a change of name certificate issued.

 

The Company also announces that with immediate effect the registered office will now be at:

Finsgate

5-7 Cranwood Street

London

EC1V 9EE

 

In accordance with AIM Rule 26, the Company's website can now be found at www.insetco.co.uk.

 

 

Enquiries

 

ASG Media PLC Gary Truman	020 7309 2280
Charles Stanley Securities Nominated Adviser Russell Cook / Dugald Carlean	020 7149 6000

 

This information is provided by RNS

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