Convertible Loan
January 18 2007 - 2:02AM
UK Regulatory
RNS Number:7154P
Cellcast plc
18 January 2007
Press Release 18 January 2007
Cellcast plc
("Cellcast" or "the Company")
Convertible Loan and Issue of Equity
Cellcast plc (AIM:CLTV), the global interactive digital broadcaster, announces
that it has entered into a convertible loan agreement of up to #1 million with
the Headstart Funds ("Headstart"). These additional funds will be used to
strengthen the ongoing working capital position of the Company and to support
Cellcast's rapidly developing international operations.
The Facility is available for a term of two years, with interest payable at a
rate of 8 per cent per annum, with the first tranche of #225,000 to be drawn
down on 21 January 2007.
Headstart has the option to convert any part of the loan which is outstanding
into equity at any time for a period of 360 days from the date that tranche of
the loan was made available.
Headstart has been issued five year warrants in respect of 1,000,000 Ordinary
Shares of the Company at an exercise price of 8 pence per share.
The Company has also issued and allotted 355,555 new Ordinary Shares of 3 pence
each to Headstart at a price of 8 pence per share as part of the arrangement.
Capitalisation of Debt
Cellcast also announces the following recapitalisation of #131,969.20 of debt
through the issue of 1,649,615 new Ordinary Shares at a price of 8 pence per
share.
These will be allotted to current significant shareholders SMS Media Limited,
Atlas Group of Companies Limited and Sardik Limited accordingly. These
shareholders will then hold the following amount of the issued share capital of
the Company:
No. of Ordinary Shares Percentage held
SMS Media Limited 9,680,062 20.66%
Atlas Group of Companies Limited 8,645,635 18.46%
Sardik Limited 1,992,662 4.25%
Furthermore, the Board has issued warrants in respect of 1,875,000 Ordinary
Shares of the Company at an exercise price of 8p per share to HB Corporate for
corporate advisory services in relation to the placing conducted in August 2006
and the arrangement of the above mentioned convertible loan agreement.
Following this notification, the total number of shares in issue stands at
46,845,590.
- Ends -
For further information:
Cellcast plc
Andrew Wilson, CEO Tel: +44 (0) 20 7190 0300
andrew@cellcast.tv www.cellcast.tv
HB Corporate
Imran Ahmad / Cecil Jordaan Tel: +44 (0) 20 7510 8600
i.ahmad@hbcorporate.co.uk www.hbcorporate.co.uk
Media enquiries:
Abchurch
Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7700
gareth.mead@abchurch-group.com www.abchurch-group.com
Notes to Editors:
Cellcast plc
Cellcast plc (AIM:CLTV) is a leading international provider of participation
television applications and interactive mobile content in the fast-growing
multi-platform digital entertainment sector. Headquartered in London, with
associated operations in Paris, Beirut, Mumbai, Miami, Hong Kong and Buenos
Aires, Cellcast's applications and programming are distributed on the Sky
Digital and Freeview platforms in the UK and broadcast partners include Canal+
in France; STB in Ukraine; Future TV, Dubai Television and Rotana TV in the
Middle East; Zee TV in India; TVS-3 in China; TV3 in Malaysia; and Canal America
in Argentina.
Cellcast's revenues streams are independent of both advertising and subscription
fees. With a network of revenue sharing agreements with telecommunications
carriers and aggregators across five continents, Cellcast receives a share of
the call revenue every time a consumer uses a mobile or fixed-line phone to
participate in its interactive entertainment, revenue which is retained or
shared with its broadcast partners. Cellcast's programme formats and proprietary
Interactive Platform (CIP) also facilitate delivery of content to mobile phones,
the internet and broadband-delivered IPTV. This enables viewers to continue
participating in a programme away from the TV, generating 24/7 revenue
opportunities.
Cellcast plc joined the AIM market of the London Stock Exchange on 21 September
2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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