Falcon Media House Limited Further re Convertible Loan Note (2754I)
March 20 2018 - 5:44AM
UK Regulatory
TIDMFAL
RNS Number : 2754I
Falcon Media House Limited
20 March 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
20 March 2018
Falcon Media House Limited
("Falcon", the "Group" or the "Company")
Clarification re Convertible Loan Note
Falcon Media House (LSE:FAL), the global digital media group
focused on the over-the-top ('OTT') market hereby clarifies the
position in relation to the Convertible Loan Note announced on 17
October 2017.
As reported in the Interims announcement made on 28 December
2017, the Company has made good progress in relation to the
commercialisation of its proprietary Q-Flow technology and is
expecting to sign a number of new contracts in the near term.
However, there has been a delay in revenue generation in comparison
to the original business plan due to contracts taking longer to
sign than originally anticipated. The Company believed that it had
secured the additional working capital finance required to address
this funding gap through the issue of a Convertible Loan Note in
October 2017.
At the time of issuing the Convertible Loan Note, the Board had
allowed one of the Company's major shareholders to delay payment
while the shareholder restructured its own position. The GBP750,000
outstanding from that shareholder is still to be received and the
Board is working with the shareholder and the Company's legal
advisers to try to clarify the position, but at this time there can
be no certainty that the committed funds will be received.
In parallel, the Company is also looking at alternative sources
of funding to support the financial position of the Company.
Further updates will follow in due course.
**ENDS**
For more information visit www.falconmediahouse.com or enquire
to:
Falcon Media House Limited info@falconmediahouse.com
Gert Rieder
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 20, 2018 05:44 ET (09:44 GMT)
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