Funding Update
September 28 2009 - 3:38AM
UK Regulatory
TIDMASG
RNS Number : 7390Z
ASG Media PLC
28 September 2009
28 September 2009
ASG Media plc
("ASG" or the "Company") (AIM: ASG.L)
Funding update
ASG, the leading digital out of home specialist, announces today that Neo Media
Group SA ("Neo Media") has committed a further GBP20,000 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 2.0 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 issued share capital, and convertible
loans which upon full conversion will require the issue of a further 143,500,000
new ordinary shares. Upon full conversion of their convertible loan notes Neo
Media will own up to a maximum of 62.6 per cent of the Company's enlarged issued
share capital. The Directors, with the exception of Christian Vaglio-Giors who
is also a director of Neo Media, consider, having consulted with its nominated
adviser Charles Stanley Securities, that the terms of the Neo Media Subscription
are fair and reasonable insofar as its shareholders are concerned.
On the 4 June the Company announced that it was undertaking a further
fundraising of approximately GBP2.5m. While discussions continue with a number
of potential investors to secure the funding required to meet the Company's long
term cashflow commitments, the Company also continues to seek urgent further
short term funding for its immediate working capital requirements and to support
recent new contract wins.
At the same time the Company is also finalising the terms of a number of further
significant new contracts, details of which are expected to be announced
shortly.
- 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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