Falcon Media House Limited Falcon Media House Announce £3.4 Million Funding (7528T)
October 17 2017 - 2:00AM
UK Regulatory
TIDMFAL
RNS Number : 7528T
Falcon Media House Limited
17 October 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
17 October 2017
Falcon Media House Limited
("Falcon", the "Group" or the "Company")
Announce GBP3.4 Million Funding
Falcon Media House (LSE:FAL), the global digital media group
focused on the over-the-top ('OTT') market, is today pleased to
announce the securing of GBP3.4 million of additional funding via a
convertible loan note ("the Note"), supported by existing
shareholders and Group management.
As outlined in the strategy update announced on 2 October 2017,
Quiptel's portfolio of OTT technologies is now the Company's
primary business focus. By putting Q-Flow, the patented suite of
software which optimises the dynamic routing of video across any
network, and the Quiptel Media Platform, a scalable end-to-end
solution for rapid deployment of OTT services, at the core of
Falcon's activities, the Board sees significant potential to
provide a clear path to market for global brands, operators,
content libraries, creators and rights-holders that are currently
underserved by existing providers. Consumers ultimately benefit
from Quiptel's technology through reduced buffering and faster
time-to-picture, while businesses can utilise both open and private
networks to more efficiently stream video in harsh or constrained
environments.
Gert Rieder, Chief Executive Falcon Media House, commented, "We
believe that sharpening our strategic focus on our proprietary
technology will benefit Falcon, its customers and shareholders both
in the short and long term. We recognise, as do our customers, that
the best returns for the Company, in the fast-paced and dynamic
video streaming market, will come from accelerating the development
of our core Quiptel technology, which has already generated
significant interest. We are therefore delighted that our new
strategy is so strongly supported by existing shareholders."
Principal terms of the Note
-- The aggregate principal amount of the Note is GBP10 million,
of which GBP3.4 million has been issued to date.
-- The use of proceeds is for general corporate purposes,
including continued software development and enhancements,
increased geographical footprint and reach, scaling up the sales
and support organisation, content acquisition and aggregation and
general working capital.
-- The Note is unlisted, unsecured, transferable and is to be
redeemed by the Company on 6 September 2020, at the Company's
option, either in cash or in ordinary shares of the Company
("Ordinary Shares") at the lower of 9.25 pence and the 30-day VWAP
less 25%.
-- The Noteholders may convert all or part of the principal
amount of the Note in multiples of GBP100,000 into Ordinary Shares
at any time at a conversion price of the lower of 9.25 pence and
the 30 VWAP less 25% and subject to the following conditions:
o No conversions in the first six (6) months.
o At least three (3) months between conversions for each
Noteholder.
o Noteholders may not convert if the conversion would trigger an
obligation on the Company to issue a prospectus.
-- Interest is accrued at 8% per annum and payable quarterly,
upon conversion or at maturity, at the Noteholder's option in cash
or through issuance of additional Notes in respect of such accrued
interest conversion amount at par.
-- The Note may be redeemed by the Noteholder following certain
noteholder redemption events, which include: payment default;
material breach by the Company not cured within fifteen (15)
trading days; or the Company suffers an insolvency event.
**ENDS**
For more information visit www.falconmediahouse.com or enquire
to:
Falcon Media House Limited info@falconmediahouse.com
Gert Rieder
About Falcon Media House
Falcon Media House (LSE:FAL) is a global digital media group,
powering the new paradigm in media entertainment for intelligent
streaming of live and on-demand video. Its goal is to create an
ecosystem where great technology meets great entertainment and
delivering the right audience. The Group is capitalising on
explosive demand for digital video, streamed "live" and
"on-demand", known as the Over-The-Top (OTT) video streaming
market. Falcon Media House focuses on Technology, particularly
Quiptel's innovative patented software enabling "intelligent
streaming" on any network to any device, bridging the "last mile"
while dramatically improving Quality of Service (QoS) and Quality
of Experience (QoE), and Media that provides brands, creators and
rights-holders with exclusive and unique content for a global
audience.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 17, 2017 02:00 ET (06:00 GMT)
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