3 Dec 2021 07:01
Napster Group PLC
("NAPS" or the "Group")
Conversion of Loan Notes and Director/PDMR disclosure
Napster Group PLC (AIM:NAPS), a leading music company and operator of the MelodyVR and Napster platforms, announces that it has received a notice of exercise from Nice & Green S.A (the "Investor") in respect of the Convertible Loan Notes ("Loan Notes") previously issued to the Investor.
As a result of this conversion notice, £2,000,000 Loan Notes have been converted in to 200,000,000 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at a conversion price of 1.00p in accordance with the terms of the Loan Notes. Following this notice, there are no outstanding Loan Notes held by the Investor.
In addition, in accordance with the loan facility agreement entered into with the Davis Partnership, LP (the "Lender") on 1 April 2021, the Company is issuing 8,292,120 new Ordinary Shares to the Lender in satisfaction of accrued interest of US$419,166.67. The prescribed price of an Ordinary Share as set out in the loan facility agreement is 3.75p per Ordinary Share.
Application has been made to the London Stock Exchange for the 208,292,120 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence at 8.00 a.m. on 9 December 2021. The new Ordinary Shares will rank pari passu in all respects with all existing Ordinary Shares in the Company.
Following Admission and including the Ordinary Shares subscribed for by the Group's Employee Benefit Trust, the total number of Ordinary Shares in issue will be 3,419,237,667. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information please contact:
Napster Group PLCAnthony Matchett, Group CEO | email@napster.group |
finnCap Ltd (Nominated Advisor and Broker) Corporate Finance: Marc Milmo, James Thompson, Milesh Hindocha ECM: Tim Redfern, Sunila de Silva | Tel: +44 (0) 20 7220 0500 |
Equitory (Investor Relations)Clara Melia/Geoff Callow | napster@equitory.com |
PDMR Disclosure
The below notification is made in accordance with the requirements of the EU Market Abuse Regulation.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Davis Capital Partners | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Lansing Davis (as a non-executive Director of the Company and his interest in Davis Partnership) | ||||||
b) | Initial notification/Amendment: | Initial Notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Napster Group plc | ||||||
b) | LEI: | 213800B2AKGQC3D2R751 | ||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 1 pence per share GB00BD2YHN21 | ||||||
b) | Nature of the transaction: | Issue of shares in satisfaction of accrued interest
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c) | Price(s) and volume(s): |
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d) | Aggregated information: ·Aggregated volume: ·Price: | 8,292,120 Ordinary Shares issued at a price of 3.75 pence per ordinary share | ||||||
e) | Date of the transaction: | 2 December 2021 | ||||||
f) | Place of the transaction: | Off market transaction | ||||||