Funding Update
June 30 2009 - 7:03AM
UK Regulatory
TIDMASG
RNS Number : 7869U
Avanti Screenmedia Group PLC
30 June 2009
30 June 2009
Avanti Screenmedia Group plc
("Avanti" or the "Company") (AIM: ASG.L)
Funding update
Avanti, the leading digital screen media specialist, announces that it has
secured further short term funding from Neo Media Group SA ("Neo Media").
As announced previously the Board of Avanti is continuing to seek further short
term funding to meet the Company's
immediate working capital requirement as well as to finance the further growth
and development of the business.
Neo Media Group SA has today committed a further GBP100,000 to the Company
through subscription for further Convertible Loan Notes which, when converted at
the 1p per share conversion price, will require the issue of a further 10
million new ordinary shares (the "Neo Media Subscription"). Following the Neo
Media Subscription, Neo Media will hold 17,636,363 ordinary shares, representing
14.1 per cent of the enlarged issued share capital, and convertible loans which
upon full conversion will require the issue of a further 155,000,000 new
ordinary shares. Upon full conversion of their convertible loan notes Neo Media
will own up to a maximum of 61.7 per cent of the Company's enlarged issued share
capital.
In addition the Board is pleased to announce that Dr Moe Bakarat and Novra
Technologies Inc have converted their respective loans totaling GBP376,820 into
36,345,600 ordinary shares. Dr Moe Bakarat now holds 36,000,000 ordinary shares
being 28.8 per cent of the Company's share capital with Novra holding a further
10,691,200 being 8.6 per cent of the Company's share capital. The conversion
will reduce the overall level of borrowings within the Group. In addition the
interest due on the loans to Dr Moe Bakarat has been converted into a further
Convertible Loan Note totaling GBP40,285 which will be repaid or converted in 2
months time.
Accordingly application has been made for the 36,345,600 new ordinary shares to
be admitted to trading on AIM and it is expected that admission will take place
on 6 July 2009. The new ordinary shares will rank pari passu with the existing
shares of the Company. Following this issue the total issued share capital of
the Company will increase to 125,013,636 ordinary shares of 1 pence each. A
total of GBP 2.1m Loan Notes remain in issue.
The Directors, having consulted with Charles Stanley Securities, believe that
the terms of the Neo Media Subscription are fair and reasonable so far as
shareholders are concerned.The Directors reiterate that while the Neo Media
Subscription meets the Company's immediate working capital requirements the
Company is continuing to seek further short term funding.
- ENDS -
Enquiries:
+---------------------------------------------------------+---------------------------+
| Avanti Screenmedia Group plc | 020 7902 2345 |
| Gary Truman, Chief Finance Officer | |
| | |
+---------------------------------------------------------+---------------------------+
| Charles Stanley Securities | 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook / Freddy Crossley | |
| | |
+---------------------------------------------------------+---------------------------+
| Bishopsgate Communications Limited | 020 7562 3355 |
| Maxine Barnes | |
+---------------------------------------------------------+---------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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