Funding Update
September 03 2009 - 10:08AM
UK Regulatory
TIDMASG
RNS Number : 4999Y
ASG Media PLC
03 September 2009
3 September 2009
ASG Media plc
("ASG" or the "Company") (AIM: ASG.L)
Funding update
ASG Media
plc, the leading digital screen media specialist, announces that it has secured
further short term funding from Neo Media Group SA ("Neo Media").
The Board of ASG continues to seek additional
short term funding to meet the Company's immediate working
capital requireme
t as well as to finance the further growth and development of the business.
Neo Media has committed a further GBP90,000 to ASG through subscription for
further Convertible Loan Notes (the "Neo Media Subscription") which, when
converted at the 1p per share conversion price, will require the issue of a
further 9 million new ordinary shares. Following the Neo Media Subscription, Neo
Media will hold 47,636,363 ordinary shares, representing 29.4 per cent of the
enlarged issued share capital, and convertible loans which upon full conversion
will require the issue of a further 141,500,000 new ordinary shares. Upon full
conversion of their convertible loan notes Neo Media will own up to a maximum of
62.4 per cent of the Company's enlarged issued share capital.
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:
+-----------------------------------------------------+-------------------------+
| ASG Media plc | 020 7902 2345 |
| Jamie Ball, Managing Director | |
| Gary Truman, CFO | |
| | |
+-----------------------------------------------------+-------------------------+
| Charles Stanley Securities | 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook / Freddy Crossley | |
| | |
+-----------------------------------------------------+-------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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