West 175 Media Group Inc
07 July 2004
West 175 Media Group Inc.
West 175 Media Group Inc. ('West 175' or 'the Company') announces that the
company voluntary arrangement ('CVA') of the Company has now been completed.
As a result of the completion of the CVA, 29,227,432 new common stock of no par
value ('West Shares') fall to be issued to creditors (including loan note
holders) in satisfaction of their claims against the Company pursuant to the
CVA. In addition, a total cash payment of £20,201.30 is being made to those
Creditors who elected to receive cash instead of shares in the CVA. A further
11,250,000 new West Shares are being issued to Mr John Gunn, a director of the
Company, and a further 5,000,000 new West Shares are being issued to NCL
Investments Limited at 0.4 pence per share pursuant to the conversion of the
loans to the Company of £65,000 referred to in the Company's announcement of 14
May 2004 ('the 14 May announcement') which were required to be drawn down in
connection with the CVA.
A further 90,000,000 new West Shares have been placed at 0.5 pence per share
pursuant to the Conditional Placing referred in the 14 May announcement. This
has raised £450,000 for the Company (before expenses). The net cash position
after expenses associated with the CVA and the Conditional Placing will be
A further 3,750,000 new West Shares and options over a total of 6,478,300 West
Shares are being issued to Numis Securities Limited and Ludgate Investments
Limited as advisers to the Company, inter alia, in relation to the Conditional
Placing, also as referred to in the 14 May announcement.
The Conditional Placing and the other share issues referred to above are subject
to the shares concerned being admitted to dealings on AIM.
Application has been made for all the new West Shares referred to above to be
admitted to trading on AIM and it is expected that dealings will commence on 8
July 2004. The existing shares in the Company will also be restored to trading
on AIM on 8 July 2004. Following the issue of all the new West Shares referred
to above, there will be a total of 161,957,456 West Shares in issue. The total
number of warrants in issue will be 22,800,001 and the total number of options
over West Shares will be 8,336,176.
This information is provided by RNS
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