Big Sofa Technologies Group PLC Part Conversion and Repayment of Convertible Loan (7585P)
May 31 2018 - 1:00AM
UK Regulatory
TIDMBST
RNS Number : 7585P
Big Sofa Technologies Group PLC
31 May 2018
31 May 2018
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Part Conversion and Repayment of Convertible Loan
Big Sofa (AIM: BST), a fast-growing international video
analytics provider to consumer brands and market research agencies,
announces the part conversion and repayment of the Eridge Capital
Limited ("Eridge") (formerly New World Oil and Gas plc) convertible
loan.
As previously announced, prior to Big Sofa's admission to
trading on the AIM market of London Stock Exchange plc ("AIM") in
December 2016, its subsidiary, Big Sofa Technologies Limited,
borrowed GBP675,000 from Eridge by way of a convertible loan (the
"Convertible Loan"). As at 31 May 2018, the value of the
Convertible Loan plus rolled up interest was GBP739,212.
Eridge has today elected to convert GBP100,000 of the
Convertible Loan plus rolled up interest into 588,235 ordinary
shares of 3p in the Company ("Ordinary Shares"), representing a
conversion price of 17p per share. Furthermore, Big Sofa and Eridge
have agreed that Big Sofa will today repay the full outstanding
balance of the Convertible Loan plus rolled up interest, totalling
GBP639,212.
As a result of the part conversion and repayment, there are no
further liabilities due in respect of the Convertible Loan.
Consequently, Big Sofa has today allotted 588,235 Ordinary
Shares to Eridge. Application has been made for these shares to be
admitted to trading on AIM, with Admission expected on or around 6
June 2018.
Following Admission, the Company's total issued ordinary share
capital will be 82,598,958 Ordinary Shares. No ordinary shares are
held in treasury. Following Admission, this figure may be used by
shareholders 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 Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries
Big Sofa Technologies Group via Vigo Communications
plc
Simon Lidington, CEO
Matt Lynch, CSO
Joe MacCarthy, CFO
Vigo Communications (Financial +44 (0) 20 7830
Public Relations) 9700
Ben Simons / Jeremy Garcia
/ Antonia Pollock
+44 (0)20 3368
SPARK Advisory Partners (NOMAD) 3554
Neil Baldwin / Mark Brady
+44 (0) 20 7070
Hobart Capital Markets (Broker) 5656
Lee Richardson / Phillip Worton
About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business servicing the marketing
and consumer insight industries with video analytics.
Our software platform collates, analyses and organises large
volumes of raw/unstructured video content enabling companies to
perform detailed and sophisticated consumer insight analysis; and
make genuine use of their video content.
Until recently, video has been difficult and expensive to
capture, upload, store, manage and analyse as a consumer insight
tool. However, proliferation of smart phones has empowered
consumers to speak directly to brands resulting in an evolution of
consumer insight and data analytics techniques, with video emerging
as a key platform in a massive $33 billion consumer research
market.
Big Sofa's shares are admitted to trading on the London Stock
Exchange's AIM market under the ticker BST.L.
To find out more, visit www.bigsofatech.com
Follow us on twitter at @bigsofatech
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END
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