West 175 Media Group Inc
31 July 2002
31 JULY 2002
WEST 175 MEDIA GROUP INC.
RESULT OF SPECIAL MEETING AND APPOINTMENT OF NUMIS SECURITIES AS NOMINATED
ADVISER AND BROKER
The Board of West 175 Media Group Inc. (the 'Company'), the media group listed
on AIM, announces that at a Special Meeting held earlier today, a resolution was
passed to increase the authorised share capital to 77,000,000 common shares by
the creation of 47,000,000 new common shares (the 'Resolution').
Two further resolutions were also passed to bring into effect minor amendments
of the Company's constitutional documents.
The quorum at meetings of directors (set out in the Bylaws) was modified to
become the greater of two directors or one-third of the maximum number of
directors. This amendment will allow greater flexibility in convening board
The quorum at meetings of shareholders (as set out in the Articles of
Incorporation) was modified to become one-third of the shares entitled to vote.
This amendment gives consistency between the Articles of Incorporation and the
As a consequence of the passing of the Resolution, the £1,185,000 of unsecured
variable rate two year loan notes have automatically become convertible, but
otherwise remain on the same terms ('Convertible Loan Notes'). The Convertible
Loan Notes can be converted into common shares at any time on or before 31 May
2004 on the basis of 24 new common shares for each £1.08 of Convertible Loan
Notes. This is equivalent to a price of 4.5p per common share. Full conversion
of the Convertible Loan Notes would result in the issue of 26,333,333 new common
The Company is also delighted to announce the appointment of Numis Securities
Ltd as Nominated Adviser and Broker with immediate effect. Beeson Gregory has
today resigned as the Company's Nominated Adviser and Broker and the Company
thanks them for their assistance while holding those offices.
West 175 Media Group Inc Binns & Co PR Ltd
John Gunn Paul McManus
Non Executive Director
Tel: 020 7236 6236 Tel: 020 7786 9600
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