Imagesound plc (AIM: ISD), one of the UK's leading suppliers of in-store music,
radio and TV services to the branded retail and leisure sectors, today announces
that it has issued and allotted to Quester, one of its largest shareholders,
312,500 ordinary shares at 16p per share and fixed rate unsecured convertible
loan notes with a nominal value of #1.45m.
The Company has applied for the 312,500 ordinary shares to be admitted to
trading on AIM and admission is expected to occur on 9 October 2006.
The convertible loan notes carry a 5% annual coupon which accrues from day to
day and is payable twice annually. During the six year period following the date
of the convertible loan notes, the notes may be converted at any time into
ordinary shares of Imagesound plc at 16p per share.
The proceeds of the refinancing will be used to repay existing debt and
therefore as a consequence of this financing, Imagesound will have debt of
approximately #500,000.
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