22 Feb 2016 07:00
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Financing Update
LiteBulb (AIM: LBB), the branded product developer, provides the following update further to its announcement of 1 February 2016.
As previously announced on 18 January 2016, the first tranche of the Company's existing convertible loan notes ("Loan Notes") of £800,000 principal plus outstanding interest and redemption premia was due for repayment on 20 February 2016. The Company is pleased to announce that the Loan Note holders have agreed to extend this debt until 23 March 2016.
The Company is now in active discussions to secure additional financing of approximately £2.0 million through an equity fundraising, alongside the associated restructuring of its current indebtedness. While the Board has made significant progress towards achieving this, it notes that the Company's current cash position remains tight.
For further information, please contact:
LiteBulb Group Limited | www.litebulbgroup.com | |
Howard Partington, Interim Chief Executive | Tel: 020 3384 7100 | |
Guy Pettigrew, Group Finance Director |
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finnCap (NOMAD & Broker) | Tel: 020 7220 0500 | |
Stuart Andrews / Adrian Hargrave / Scott Mathieson (Corporate Finance) |
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Joanna Scott (Corporate Broking) |
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Walbrook PR Limited | Tel: 020 7933 8780 or litebulb@walbrookpr.com | |
Paul McManus / Sam Allen | Mob: 07980 541 893 / Mob: 07884 664 686 | |
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: Tesco, M&S, John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next, Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.