PeerTV PLC Loan and Creditor Conversions (7499K)
04 Gennaio 2016 - 2:54PM
UK Regulatory
TIDMPTV
RNS Number : 7499K
PeerTV PLC
04 January 2016
04 January 2016
PeerTV PLC
("PeerTV" or the "Company")
Loan and Creditor Conversions
PeerTV plc (AIM:PTV), a provider of technology solutions for the
OTT (TV over the internet) market, and PCB (printed circuit board)
production solutions announces that it has a number of arrangements
with loan and other creditors under which such liabilities may be
settled either by cash or through the issue of shares of the
Company.
The details of these arrangements are as follows:
a) CSS Alpha (BVI) Limited (CSS) - under the terms of a
Revolving Line of Credit that was announced in September 2014
repayments are due at the rate of GBP50,000 each month. Upon sale
of such shares, the proceeds are credited to CSS's loan account.
Prior to today's announcement, the balance on the facility was
about GBP90,000.
b) Ran Zamir - Under the terms of an agreement dated 15 January
2015, the Company has issued shares in PTV as part repayment of a
loan and accrued interest payable by Digitek SMT Assemblies Ltd
which totalled about GBP95,000 as at that date. Upon sales of such
shares, the proceeds are credited to Mr Zamir's account. Prior to
the issue of shares announced on 15 December 2015, the balance due
to Mr Zamir was about GBP33,000.
c) Galanti Group - repayments are being made to a group of
Israeli investors which loaned funds to PeerTV Limited in 2011.
Since August 2014 shares in PeerTV have been issued to repay the
loan which at that time was GBP190,000. Upon sales of such shares,
the proceeds are credited to the Galanti Group's account. Prior to
the issue of shares to Shlomo and Ruth Galanti (representing the
Galanti Group) announced on 15 December 2015 the balance due was
about GBP150,000.
d) Adv Michael Avraham - in settlement of a court order for
GBP60,000 granted to his clients, Box24, against PeerTV Limited in
2015, Adv Avraham has been issued shares in PeerTV. Upon sale of
such shares, the proceeds are credited to his account. Prior to the
issue of shares to Adv Avraham announced on 15 December 2015 the
balance due was about GBP40, 000.
e) Cedric Littman - in settlement of a loan received by PeerTV
plc in 2012. Mr Littman has been issued shares. Upon the sale of
such shares, the proceeds are credited to his account. The current
amount due is about GBP27,000.
It should be noted that the arrangements with Ran Zamir, Galanti
Group and Adv Michael Avraham are subject to limitations on the
quantity and frequency of share sales.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
ZAI Corporate Finance Limited
Tim Cofman / Richard Morrison
Tel: +44 20 7060 2220
Daniel Stewart & Company plc
David Coffman
Tel: +44 207 7766550
This information is provided by RNS
The company news service from the London Stock Exchange
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