NAPS Napster Group Plc

 
TIDMIPNT 
 
14 December 2010 
 
                               iPoint Media Plc 
 
                       ("iPoint Media" or the "Company") 
 
                          Results of General Meetings 
 
 
The Company announces the results of the general meeting of its shareholders 
and the extraordinary general meeting of its noteholders: 
 
Shareholder General Meeting 
 
At the shareholder general meeting held earlier today, all resolutions were 
duly passed. Consequently, subject to the minimum subscription of GBP300,000 
being secured pursuant to the offer for subscription being carried out by 
Newco, shareholders have approved: 
 
  * the Restructuring of the Company. Principally, this involves the disposal 
    of the Company's trading subsidiaries; and 
 
  * the proposed Investment Policy. 
 
Noteholder Extraordinary General Meeting 
 
At the noteholder extraordinary general meeting held earlier today, all 
resolutions were duly passed. Consequently, subject to the minimum subscription 
of GBP300,000 being secured pursuant to the offer for subscription being carried 
out by Newco, noteholders have approved: 
 
  * the waiver of the Covenants under the Loan Note Instrument and the granting 
    of a Security Interest to CSS Alpha Fund Ltd in relation to the Bridge 
    Loan; and 
 
  * the Exchange Offer, being the offer to the Noteholders to convert each GBP1 
    of nominal value of Loan Notes they hold into (i) 1.0406 Redeemable 
    Preference Shares and (ii) 1.8054 Ordinary Shares. 
 
A further announcement will be made in the event that the minimum subscription 
has been secured, at which time all of the aforementioned resolutions will 
become effective and the Company will be reclassified as an investing company 
pursuant to AIM Rule 15. 
 
Under AIM Rule 15, the Company will have until 14 December 2011, being 12 
months from the date on which the resolutions were passed, to implement its 
investment policy, as detailed in the aforementioned circulars. Otherwise, 
trading in the Company's shares would be suspended at 7:30 a.m. on 15 December 
2011. The Company would remain provisionally suspended for six months, 
following which, if it would remain the case that the Company fails to 
undertake a reverse takeover or otherwise implement its investing policy, it 
would be proposed to cancel the admission of the Company's shares with effect 
from 7:00 a.m. on 18 June 2012. 
 
Definitions of all defined terms referred to above are available in the 
circulars sent to shareholders and noteholders on 26 November 2010, which are 
available at the Company's Rule 26 website at www.ipoint-media.com. 
 
Shareholder circular: http://www.ipoint-media.com/investor/iPoint_Shareholder_circular.pdf 
 
Noteholder circular: 
http://www.ipoint-media.com/investor/79357_1%20iPoint%20-%20Noteholders%20Circular%20_Final%2026.11.2010_.PDF 
 
 
Enquiries: 
 
iPoint Media Plc                        +972 3606 1600 
Simon Marks 
 
Cairn Financial Advisers LLP            +44 20 7148 7900 
Liam Murray / Avi Robinson 
 
 
 
END 
 

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