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West 175 Media Grp (WEP)

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Friday 27 September, 2002

West 175 Media Grp

Raising of New Funds

West 175 Media Group Inc
27 September 2002


West 175 Media Group Inc

Raising of New Funds

West 175 Media Group Inc ('West' or 'the Company') announces that it has raised
£314,750 through the placing of unsecured variable rate two year loan notes
(Loan Notes).  These will become convertible into common shares of the Company
upon the approval from shareholders ('the Approval'), at a Special Meeting to be
convened within the next 6 months, of an increase in the authorised share
capital of the Company

Subject to the Approval, the Loan Notes, which are unquoted, will become
convertible into common shares at the rate of 4.5p per share during the two year
period ending 30 September 2004.  This is equivalent to 24 shares per £1.08
nominal of Loan Notes.  Any Loan Notes not converted at that date will be
converted by the Company.

Additionally, the Loan Noteholders have received warrants, which are also
unquoted, on the basis of 24 warrants for each £1.08 nominal of Loan Notes.
Each warrant entitles the holder to subscribe for one common share at an
exercise price of 4.5p per share.  Subject to the Approval, the warrants will be
exercisable for specified periods until 90 days after the publication of the 31
March 2009 accounts.

The Loan Notes bear interest at 2% p.a. above Barclays Bank Base Rate
(equivalent to 6% per annum at present), which will be paid in common shares,
the number to be calculated at a price of 4.5p per share at the point of
conversion or, if the Loan Notes remain unconvertible, in cash on redemption.
Interest shall accrue from day to day and be calculated on the basis of a 365
day year. The Company may convert any Loan Notes at the Conversion Rate at any
time with the consent of the relevant Noteholder.

Conversion of the Loan Notes in full will result in the issue of 6,994,444 new
common shares and exercise in full of the warrants would result in the issue of
a further 6,994,444 common shares. The new Loan Notes and warrants issued
represent 21.0% and 28.1% of the total loan notes and warrants now in issue.
Conversion of all loan notes in full and the exercise in full of all warrants in
issue would result in the issue of a total of 33,327,777 and 24,911,111 new
common shares, respectively. On conversion of all loan notes in full, the common
shares now in issue would represent 39.8% of the enlarged share capital;
assuming conversion of all Loan Notes and exercise in full of all warrants in
issue the common shares now in issue would represent 26.6% of the fully diluted
share capital.

The above calculations take no account of the additional common shares which
fall to be issued by way of interest on the loan notes.

The principal reason for the placing is to assist in the repayment of the final
£275,000 plus interest of the loan of NZ$1,350,000 (equivalent to £425,000)
provided by Film Investment Corporation of New Zealand No. 2 Limited. The loan
is secured on all the assets of West 175 Media (NZ) Limited, the holding company
of all the New Zealand operations of West. Repayment of the loan will give the
board full flexibility with respect to the remaining businesses in New Zealand.


ENQUIRIES:

West 175 Media Group Inc

Paul Burton
Finance Director

020 8398 7175


                      This information is provided by RNS
            The company news service from the London Stock Exchange