NAPS Napster Group Plc

TIDMNAPS

RNS Number : 3193H

Napster Group PLC

03 August 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

Napster Group PLC

("NAPS" or the "Group")

Conversion of Loan Notes and Share Subscription by CTO

Napster Group PLC (AIM:MVR), a leading music company and operator of the MelodyVR and Napster platforms, announces that it has received a notice of exercise from Nice & Green S.A (the "Investor") in respect of the issue of Convertible Loan Notes ("Loan Notes") (as announced on 14 April 2021). This conversion notice follows from the Group having issued a total of GBP8,000,000 Loan Notes to date under the previously announced investment agreement with the Investor.

As a result of this conversion notice, GBP2,160,000 Loan Notes have been converted in to 200,000,000 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at a conversion price of 1.08p in accordance with the terms of the Loan Notes.

In addition, per the terms of his employment contract, the Group's Chief Technology Officer L. Mark Kortekaas has subscribed for 2,000,000 new Ordinary Shares at a price of 1.40 pence per Ordinary Share.

Application has been made to the London Stock Exchange for the 202,000,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and trading will commence at 8.00 a.m. on 6 August 2021. The new Ordinary Shares will rank pari passu in all respects with all existing Ordinary Shares in the Company.

Following Admission, the total number of Ordinary Shares in issue will be 2,962,945,547 and the total number of voting rights will therefore be 2,962,945,547. 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 share capital of the Company under the FCA's Disclosure and Transparency Rules.

Commenting, Mark Kortekaas stated:

"This investment signals my confidence in our business, its vision for the future and in the anticipation of the ambitions which have been set out publicly for our new strategy"

For further information please contact:

 
Napster Group PLC                                 email@napster.group 
 Anthony Matchett, Group CEO 
finnCap Ltd ( Nominated Advisor and Broker)      Tel: +44 (0) 20 7220 
 Corporate Finance: Marc Milmo, James Thompson,                  0500 
 Milesh Hindocha 
 ECM: Tim Redfern, Sunila de Silva 
Equitory (Investor Relations)                    napster@equitory.com 
 Clara Melia/Geoff Callow 
 

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August 03, 2021 02:00 ET (06:00 GMT)

Grafico Azioni Napster (LSE:NAPS)
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Grafico Azioni Napster (LSE:NAPS)
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