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18 Jun 2012 14:00
18 June 2012
PeerTV PLC
("PeerTV" or "the Company")
Trading Update
Request to defer interest payment
PeerTV (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet), announces that it is requesting that note holders of the Peer TV Plc 8% Loan Notes due 31 December 2014 agree to accrue the interest payments due in June 2012 and in December 2012 to the principal. In consideration for this the Company will issue to each note holder a five year warrant equal to 50% of the interest to be accrued, to purchase ordinary shares at a price of 7.5 pence per share. The request is subject to approval at a meeting by loan note holders. The meeting has been called for 27 June 2012. PeerTV will update the market as to the outcome of the meeting.
The Company has decided to take this step to manage cash resources following the slower than anticipated sales of its legacy, pre-Android, set top boxes that was announced on 8 June 2012.
Further enquiries:
PeerTV Plc
Leon Nahon, Chairman +972 974 07315
Libertas Capital Corporate Finance Limited
Thilo Hoffmann/Andrew McLennan +44 (0) 20 7569 9650
Rivington Street Corporate Finance
Jon Levinson/Eran Zucker +44 (0) 20 7562 3384
Bishopsgate Communications
Nick Rome/Sam Allen +44 (0) 20 7562 3350
peertv@bishopsgatecommunications.com
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