- Part 2: For the preceding part double click ID:nRSO4779Za
return of capital. They are not admitted to or listed on
any stock exchange and are not freely transferable.
7) NOVEMBER 2016 PLACING, DEBT VARIATION, NEW LOAN AND CHANGE OF NAME
The Placing
In November 2016 the Company raised approximately £0.8m (before expenses)
through a placing of 111,711,471 of new ordinary shares at 0.75p per share.
The Deferred Consideration
In November 2016 the Company issued 66,666,667 new ordinary shares, due under
the Reef share purchase agreement, which was entered into in June 2015.
In Lieu of Fees
In November 2016 the Company issued 22,000,001 new ordinary shares in lieu of
certain adviser fees, non-executive director fees and a settlement agreement.
Debt Variation
In November 2016, in order to provide a capital structure which is in line
with the current strategy of the business, the Company negotiated a debt
variation, through the amendment of the repayment dates of all short and long
term debt, so that the repayments will become a single repayment (of both
principal and interest) due to be repaid on 31 December 2020.
New loan
In November 2016 the Company secured a new long term loan of £0.4m.
Change of Name
In November 2016 the Company changed its name to Zinc Media Group plc.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange