RAM Active Media PLC Issue of Equity (8268F)
May 29 2013 - 9:11AM
UK Regulatory
TIDMRAM
RNS Number : 8268F
RAM Active Media PLC
29 May 2013
RAM ACTIVE MEDIA PLC
("RAM" or the "Company")
Issuance of Shares
29 May 2013
Further to and in connection with the Company's announcement of
13 May 2013 in relation to its Balance Sheet Restructuring, the
Company announces that it has today issued shares ("New Shares") to
unsecured lenders in part satisfaction of liabilities and to past
and present directors in satisfaction of accrued remuneration.
Three unsecured lenders have agreed to receive 70% of their
outstanding loans in New Shares, 10% in cash payable immediately,
and 20% payable at a future date. The value of the loans satisfied
by the issuance of New Shares is GBP346,492 being 8,662,312 New
Shares at an issue price of 4p per share.
Five directors (past and present) have agreed to receive New
Shares in full satisfaction of accrued remuneration. The aggregate
of that remuneration is GBP114,175 which is satisfied by the
issuance of 2,854,381 New Shares at an issue price of 4p per share.
No Director has received salary or fee since December 2012.
In addition to the above, the Company has issued to TCA Global
Credit Master Fund LP ("TCA") 3,125,000 New Shares at an issue
price of 4p per share (GBP125,000) in part consideration for
investment banking services fee connected to the Loan Agreement and
Comitted Equity Facility announced on 13 May 2013.
Application has been made for the New Shares to be admitted to
trading on AIM and it is expected that trading will commence on 4
June 2013. The New Shares will rank pari passu in all aspects with
the existing ordinary shares of the Company.
On admission, the Company will have 64,462,890 ordinary shares
in issue.
Commenting, David Binding, Chairman and Richard Prosser, CEO of
the Company said "These agreements reflect the difficult times the
Company has had to endure. We thank our unsecured lenders for their
understanding and support and we thank our Directors for committing
to receive shares in lieu of accrued pay."
RAM Active Media plc
David Binding (Chairman) 07866 809 109
Libertas Capital Corporate Finance Limited
Sandy Jamieson, Thilo Hoffman 0207 569 9650
This information is provided by RNS
The company news service from the London Stock Exchange
END
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