Funding Update, Contract Wins

4 Sep 2007 15:16

Avanti Screenmedia Group PLC04 September 2007 4 September 2007 Avanti Screenmedia Group plc ("Avanti" or the "Company") Funding update, Contract Wins Further to the announcement of 3 August 2007, the Board of Avanti confirms thatthe cash position was further improved through a £100,000 convertible loan (the"Convertible Loan"). The Company is no longer reliant on an overdraft facilityfrom its bank. The Convertible Loan carries an annual interest rate of 10 percent and is due tobe repaid or converted in 6 months. If converted, the Convertible Loan willrequire the issue of up to 5.0 million new ordinary shares, equivalent to 16.3%of the enlarged share capital. The details of the Convertible Loan will beannounced in due course, upon posting of the requisite EGM circular to convene ashareholder meeting at which the Company will seek the approval of shareholdersto issue equity pursuant to the Convertible Loan. Meanwhile the Companycontinues to seek to secure further funding for the Company's short term workingcapital requirement and continuing development. The Board is also pleased to confirm that advertising sales across the Companyare performing strongly. Booked (gross) advertising sales for the currentfinancial year have already exceeded those achieved for the entire 12 months to30 June 2007. Enquiries: Avanti Screenmedia Group plc 0207 902 2345Simon Rees CEOGary Truman Finance Director Charles Stanley Securities 020 7149 6000Nominated AdviserRussell Cook / Freddy Crossley Bishopsgate Communications Limited 020 7562 3355Maxine Barnes / Jenni Herbert This information is provided by RNS The company news service from the London Stock Exchange