PeerTV PLC Results of Debt Holder meeting (2602W)
23 Dezembro 2013 - 12:14PM
UK Regulatory
TIDMPTV
RNS Number : 2602W
PeerTV PLC
23 December 2013
23(rd) December 2013
PeerTV PLC
("PeerTV" or "the Company")
Amendment to the Terms of Unsecured Loan Notes
PeerTV (AIM:PTV), a provider of technology solutions for the OTT
(TV over the internet) market and PCB (printed circuit board)
production solutions, wishes to inform the market that amendments
have been agreed with the holders of the company's 2014 8%
Unsecured Loan Notes which will facilitate their conversion to
Ordinary Shares.
As an original meeting of Loan Note Holders on 16(th) December
did not reach quorum, a reconvened meeting of the Loan Note holders
was held in London on 23(rd) December 2013. At this meeting a
resolution was passed by the required majority to amend the Loan
Note instrument:
a) Allowing the Company, at its election, to convert up to 100%
of the value of Loan Notes in issue into Ordinary Shares of the
Company, pari passu with the raising of New Equity by the Company.
The Conversion Price shall be equal to 90% of the weighted average
issue price per Ordinary Share paid by subscribers in respect of
such new equity raised in the preceding quarter.
b) Granting the Company the right to accrue the half yearly
interest due on the Loan Notes to the principal if, in the opinion
of the Board of Directors, the cash flow of the Company from
operations is insufficient to be able to pay the interest without
putting undue stress on its ability to operate.
Following the meeting Ossie Weitzman, the Chief Financial
Officer of PeerTV plc said: " Obtaining the agreement of the Loan
Note holders to a structured conversion is a significant step in
our efforts to strengthen and restructure the balance sheet of the
Group. Under the agreed arrangements whenever additional equity
investment is received a corresponding proportion of the Loan Notes
will be converted. Up to now the presence of fixed interest debt
has proved to be a barrier to potential equity investment.
Agreement to accrue the interest coming due on the Loan Notes will
enable the release of funds to be utilized for working capital and
generally growing the business".
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman +972 974 07315
Libertas Capital Corporate Finance Ltd
Thilo Hoffmann/Sandy Jamieson +44 (0) 203 697 9499
Peterhouse Corporate Finance
Jon Levinson/Eran Zucker +44 (0)207 469 0932
This information is provided by RNS
The company news service from the London Stock Exchange
END
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