NAPS Napster Group Plc

 
TIDMIPNT 
 
4 November 2010 
 
                               iPoint-media plc 
 
                          ("iPoint" or "the Company") 
 
 Financing and Restructuring Update resulting in Fundamental Change in Business 
 
iPoint-media plc (LSE:IPNT), a provider of live, interactive video applications 
and content delivery platforms for web and 3G mobile, announces that it has 
entered into advanced negotiations regarding the financing of the operations of 
its Israeli subsidiary. 
 
As stated in previous announcements, significant slippage in its business plan 
has resulted in the requirement for the Company to secure an injection of cash 
to support its on-going operations. In order to be able to do so, the Company 
indicated that it would need to implement a significant restructuring of its 
business and capital structure so as to create a basis for a new fundraising. 
 
The restructuring and fund raising are still being negotiated but are expected 
to involve: 
 
  * A funding at a new subsidiary level and not at the Company level 
 
  * a restructuring of the outstanding loan notes (the "Loan Notes") of the 
    Company such that these liabilities would be eliminated from the Company's 
    balance sheet and would be assumed by the new subsidiary; and 
 
  * a significant dilution of the ownership by the Company of its Israeli 
    operating subsidiary, resulting in a small minority stake; 
 
Should the restructuring not be successful and absent other funding solutions 
it is likely that the financial creditors of the Company would be able to take 
control of the Company. 
 
A restructuring as outlined herein would constitute a fundamental change of 
business under AIM Rule 15 and will require shareholder approval at a general 
meeting. Similarly, the restructuring of the Loan Notes requires approval by 
the Loan Note holders at a separate meeting. The Company is in the process of 
producing the required circulars to shareholders and loan note holders setting 
out details of the proposed transaction. These will be sent out once the terms 
of the proposed financing have been finalised. 
 
Further enquiries: 
 
iPoint-media plc                                           +(0) 972 544 450 667 
Muki Geller 
 
Libertas Capital Corporate Finance Limited                     +44 20 7569 9650 
Thilo Hoffmann Andrew McLennan 
 
 
 
 
END 
 

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