Business
Placing and Loan Notes
Placing and Loan Notes.
About this update from Zoo Digital Group Plc
[{"type":"text","content":"\n \nRNS Number : 0636M Zoo Digital Group PLC 10 August 2011 \n \n\n10 August 2011\nZOO Digital Group plc\n(\"ZOO\" or \"The Company\")\nPlacing to raise £1.70m and Restructuring of Loan Notes\n \nThe Company is pleased to announce a fundraising of £1.70 million by way of a placing of 4,252,500 new Ordinary Shares at a price of 40 pence per share, and a restructuring of all of the Company's outstanding convertible Loan Notes, amounting to £3.54 million which were due to mature on 31 October 2011.\nHighlights\n· £1.70 million raised by way of a Placing of 4,252,500 new ordinary shares at 40 pence per share\n \n· Net proceeds of the Placing will accelerate the roll-out of the Company's software in new markets, particularly eBooks\n \n· Conversion of half of its outstanding convertible loan notes at the Placing Price and the extension of the other half to October 2013\n \n· Placing, Conversion and Extension are subject to approval of Shareholders and Loan Noteholders at respective general meetings on 6 September 2011\n \n· Admission expected to be effective from 7 September 2011\n \nTerms and expressions defined in the Circular have the same meaning in this announcement.\nThe net proceeds of the Placing will be deployed toward accelerating the adoption of the Company's software in new markets, particularly eBooks. The Directors believe that the Company's software is well suited to the production of media rich eBooks including picture books, comics, graphic novels, cookery books, travel guides and encyclopaedias.\nThe Company will further strengthen its balance sheet, subject to the approval of the Loan Noteholders, by the conversion of £1.77 million of the Loan Notes (representing half of the outstanding Loan Notes) into 4,426,250 new Ordinary Shares and the extension of the term in respect of the remaining £1.77 million of the Loan Notes to 31 October 2013.\nThe Placing, Conversion and Extension are subject, inter alia, to the passing of the Resolutions at a General Meeting and the approval of the Loan Noteholders. A circular to Shareholders and Loan Noteholders setting out full details of the Resolutions and convening the General Meeting and Loan Noteholders GM will today be p...