Business
Extension of Convertible Loan Notes
Extension of Convertible Loan Notes.
About this update from Zoo Digital Group Plc
[{"type":"text","content":"\n \nRNS Number : 8075R Zoo Digital Group PLC 31 October 2013 \n \n\n31 October 2013\nZOO DIGITAL GROUP PLC\n(\"ZOO\" or \"the Company\")\n \nExtension of Convertible Loan Notes and Directors' Dealings\n \nZOO is pleased to announce that holders of its Unsecured Convertible Loan Notes of £1,770,500 (the \"Loan Notes\") have today agreed to extend the term of the Loan Notes by four years to 31 October 2017 (the \"Extension\").\nAll other terms of the Loan Notes remain unchanged, being principally that the Loan Notes accrue interest at 7.5 per cent. per annum (payable half-yearly) and that the conversion price of the Loan Notes remains 48 pence per ordinary share of 15p each in the Company (\"Ordinary Shares\") converted. \nDirectors' Dealings\nStuart Green and Roger Jeynes, chief executive officer and chairman of the Company respectively, have agreed to purchase Loan Notes with a face value of £466,500 from other Loan Note holders (the \"Purchase\"). It is expected that these purchases will complete on 1 November 2013.\nDr Green and his wife, Mrs Sara Green, have purchased Loan Notes with a face value of £443,500 for a total consideration of £332,625 and consequently, together with their combined previous holding of Loan Notes with a face value of £171,000, have an interest in £614,000 of Loan Notes. Mr Jeynes has purchased £23,000 of Loan Notes at face value, having previously had no interest in Loan Notes.\nRelated Party Transaction\nThe participation in the Extension of Dr Green, as a director of the Company, and of Herald Investment Trust and Foresight Group, as substantial shareholders of the Company, and the entering into the Purchase by Dr Green and Mr Jeynes, comprise related party transactions under the AIM Rules for Companies.\nThe Company's independent directors (being Helen Gilder and Gordon Doran), having consulted with the Company's nominated adviser, finnCap Limited, consider that the terms of the Extension and Purchase are fair and reasonable insofar as the Company's shareholders are concerned.\n \nEnds\nFor further enquiries please contact:\n \n\n\n\n\nZOO Digital Group plc\n\n\n0114 241 3700\n\n\n\n\nStuart Green - Chief Executive Officer\n\n\n \n\n\n\n\nHelen Gilder - Group Finance Director\n\n\n \n\n\n\n\n \nFinnCap\n\n\n \n020 7220 0500\n\n\n\n\nEd Frisby / ...