PLW Playwize

RNS Number:6771T
Playwize PLC
02 May 2008


                                  Playwize plc
                          ('Playwize' or 'the Company')

                    Variation of Convertible Loan Agreement 

 

Playwize Plc ("Playwize" or "the Company") is pleased to announce that it has
agreed a Deed of Variation in relation to the stand-by convertible loan facility
with the Headstart Global Fund and Headstart Global Aggressive Fund
("Headstart"). The facility, which was originally announced on 22 March 2006 was
based upon a two-year term, and as such has expired. 

The Deed of Variation provides that, the Company will repay the outstanding
interest that has accrued during the initial two year term together with other
fees and expenses. Having executed these payments, the outstanding loan notes,
totalling #700,000 may be held by the Company for a further twelve months at a
rate of interest of 9.5% per annum. 

No further draw downs from the original facility may be made by the Company. 

In consideration for Headstart granting Playwize the terms entered into by the
Deed of Variation, the Company has issued 20,000,000 warrants to Headstart which
are exercisable at a price of 1p per warrant held. 

By way of security offered in respect of the outstanding loan notes a debenture
granting a fixed and floating charge over the Company's assets has been granted
to Headstart. 

Together with minor variations to the rights to convert to the loan notes into
ordinary shares, it has been agreed that the first #200,000 nominal of loan
notes that are elected to be converted into ordinary shares may be converted at
the lower of the closing bid price within the last 15 days trading, or 1p.

 

                                    - Ends -                                    

 


For further information, please contact:

  Playwize plc (www.playwize.com)
  Foo Katan, Chief Executive
  Tel: + 44 (0) 20 8282 7200
  Email: foo@playwize.com

 

 

 



                      This information is provided by RNS
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