23 Jan 2019 11:50
January 23, 2019
Updated Key Features for a Proposed Plan
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) ("Matomy" or the "Company") announces the publication of a presentation with updated key features to the proposed plan published by Matomy on January 9, 2019 (RNS Number: 6766M) (the "Company's Proposal") in connection with its discussions with the bondholders.
The main amendments to the Company's Proposal are as follows:
· Key shareholders would commit, within the framework of a comprehensive plan, to secure a total of $12M by adding a sum of $2M through the purchase of Series A bonds, at market price (the "Additional Sum"). The commitment for the Additional Sum will enter into effect in the event that no additional amounts are raised beyond the original commitment by the key shareholders of $10M. Therefore, any consideration received by the Company in connection with the Company's share capital, in excess of the original commitment by the key shareholders of $10M, will proportionately reduce the liability of the key shareholders accordingly down to the $10M original commitment amount, so that in any event the total capital raised will not be less than $12M.
· The structure and terms of the fundraising have yet to be determined.
· The Company will act to release rental guarantees and to further reduce its working capital needs so that a further sum of ~$0.5M will be added to the bondholders payment due at the end of 2019.
In light of these amendments the total payments to be paid to the bondholders in 2019 are expected to increase by at least $2.5M up to a maximum of $3M.
Except for the amendments set forth in the updated proposal the Company's Proposal remains unchanged.
The Company has requested the trustee of the bondholders (the "Trustee") to bring the updated proposal to an indicative vote of the bondholders as a final alternative to the contingent voting proxy for immediate repayment that was published by the Trustee, as previously reported by the Company.
The presentation will be available for review through the Israel Securities Authority: http://www.magna.isa.gov.il/.
An English translation of the presentation will also be made available on the Company's website.
Cautionary Statement
This announcement is for information purposes only and there can be no assurance with respect to the outcome of such discussions between the Company and the various stakeholders, including the bondholders. This announcement is only an outline of key features for a proposed plan, the adoption of any proposal and/or amendments to the existing agreements are subject to receipt of all the required approvals, including the approval of key shareholders, the Company's Board of Directors, the bondholders and any other body or authority whose approval may be required. As of the date of this announcement, such required approvals have not yet been received and there is no certainty that they will be accepted.
AS PREVIOUSLY STATED, THE NEGOTIATIONS RELATING TO THE TERMS OF THE CONTEMPLATED PROPOSAL ARE STILL NOT FINALIZED AND THERE IS NO CERTAINTY THAT THE TERMS WILL BE APPROVED. FURTHERMORE, THE AMOUNT TO BE RAISED AND THE DEFINITIVE TERMS OF ANY FUNDRAISING REFERRED TO HEREIN WILL BE ONLY THOSE DESCRIBED IN THE FINAL VERSION OF THE APPLICABLE OFFERING DOCUMENTS, TO THE EXTENT ISSUED.
The announcement is prepared for convenience purposes only and it does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities of Matomy in any jurisdiction or an inducement to enter into any investment activity.
This announcement includes forward-looking statements, which include all statements other than statements of historic facts, including, without limitation, those regarding Matomy's and/or its subsidiaries' (the "Group") financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company, its directors and its or their advisers expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the Rules of the High Growth Segment.
About Matomy
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) is a global media company. Founded in 2007 with headquarters in Tel-Aviv. Matomy is dual-listed on the London and Tel Aviv Stock Exchanges.
For more information:
Matomy Media GroupPamela Becker, VP Global Marketingpamela.b@matomy.com+972-74-7161971
Press Contact Information:
Noam Yellin, Noam@smartteam.co.il, +972544246720
Website: http://investors.matomy.com LinkedIn: www.linkedin.com/Company/matomy-media-group
Twitter: @MatomyGroup
Facebook: www.facebook.com/MatomyMediaGroup