PeerTV PLC Issue of Equity (5491N)
18 Maio 2015 - 11:47AM
UK Regulatory
TIDMPTV
RNS Number : 5491N
PeerTV PLC
18 May 2015
18 May 2015
PeerTV PLC
("PeerTV" or the "Company")
Turnaround Plan for PeerTV Limited and Issue of Equity
PeerTV plc (AIM:PTV), a provider of technology solutions for the
OTT (TV over the internet) market, and PCB (printed circuit board)
production solutions wishes to update the market regarding its
plans for achieving a turnaround in its OTT business and the issue
of equity.
The performance of the Company's subsidiary PeerTV Limited has
been disappointing since readmission in September 2011. The company
has upgraded its Set Top Box product to the Android operating
system and added a range of important features but has not been
successful in achieving sales volumes or broadening its customer
base in a substantial way.
The Company is now committed to a significant turnaround
strategy under a plan drawn up by the new CEO of PeerTV Limited,
Wes Wilcox. The implementation of the plan requires financial
investment before cash flow from new business is generated and
Yorkville Advisors has agreed to vary the terms of the Standby
Equity Distribution Agreement (SEDA) so that additional funds can
be drawn down to meet the costs of implementation.
The Company is now issuing the first new Ordinary Shares in
connection with this arrangement. The directors are of course aware
of the significant dilution which has taken place during the past
ten months in particular and fully understand the views of the
shareholders. However, the new issues of Ordinary Shares are being
made to provide the business with the working capital it needs to
build shareholder value.
In addition the balance sheet is being strengthened through the
settlement of a number of liabilities through the issue of new
shares
Accordingly company announces that it has issued new Ordinary
Shares as follows:
a) 37,967,290 Ordinary shares at a price of 0.3598 pence per
share to YA Global SPV Limited being a further drawdown of
GBP130,000 under the SEDA announced on 30th July 2014.
b) 9,977,121 Ordinary shares at a price of 0.3314 pence per
share to YA Global SPV Limited being a further conversion of
principle of GBP31,755 and payment of accrued interest under the
Convertible Note Facility announced on 10th February 2015.
c) 18,000,000 Ordinary Shares in part repayment of loans due by
its subsidiaries PeerTV Limited and SM Digitek (1993) Limited at a
price of 0.40 pence per share. The amount of liabilities being
repaid is GBP72,000.
d) 13,333,333 Ordinary Shares at a price of 0.45 pence per share
in settlement of a claim to the value of 360,000 NIS by a former
customer of PeerTV Limited in regard to products ordered in 2010.
Under the terms of the settlement, the claimant agreed to a monthly
limit on the sale of the shares to 1/24(th) of the total shares
issued to him.
e) 4,074,074 Ordinary shares at an average price of 0.45 p per
share to two individual parties in settlement of fees and other
liabilities due by the Company and its subsidiaries.
In aggregate, 83,351,818 Ordinary shares have been issued.
Application has been made for the New Shares to be admitted to
trading on AIM and admission is expected to occur at 8:00am on 22
May 2015 ("Admission").
Following Admission, the Company will have in issue 302,677,899
Ordinary Shares. The Company does not hold any Ordinary Shares in
treasury. Therefore the total number of Ordinary Shares with voting
rights in the Company will be 302,677,899. This figure may be used
by Shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
ZAI Corporate Finance Limited
Tim Cofman / Richard Morrison
Tel: +44 20 7060 2220
Daniel Stewart & Company plc
David Coffman
Tel: +44 207 7766550
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEZVLFFEEFZBBQ
Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024