DDD Group PLC Issuance of Secured Loan Note (3088O)
08 February 2016 - 6:00PM
UK Regulatory
TIDMDDD
RNS Number : 3088O
DDD Group PLC
08 February 2016
8 February 2016
DDD Group plc
Issuance of Secured Loan Note
DDD Group plc ("DDD" or the "Company") is pleased to announce
that the Company has entered into an agreement with Arisawa
Manufacturing Company Ltd. ("Arisawa") for an $800,000 Secured Loan
("Loan") pursuant to the existing authorities granted to the board
of directors. The Loan is secured by the Company's US 2D to 3D
conversion patent number 6,477,267 and its international
counterparts.
Highlights
-- Issuance of $800,000 Secured Loan due June 30(th) 2016 has
been completed under existing authorities
-- The net proceeds (approx. $795,000) to be used to finance
business development and licensing activities for the Company's new
TriDef SmartCam and UPix products and additional intellectual
property licensing activities.
Further details of the Loan are set out below.
Commenting on the transaction, Nicholas Brigstocke, Chairman of
DDD said:
"As we continue to grow the Company's new 2D solutions in the
game casting and video conferencing markets, we are pleased to be
able to announce a successful capital raising which will assist the
Company in accelerating our licensing activities for our 2D and 3D
intellectual property.
The affiliate licensing program for our new TriDef SmartCam
products continues to deliver promising results and end user
reaction is very encouraging with strong growth in downloads and an
increasing awareness to the innovative solution amongst larger
prospective licensees and partners.
We anticipate releasing our UPix social photography app in the
Google Play store later this month which should further demonstrate
the applicability of our newest solutions to large growth
markets.
With the momentum behind the new 2D products, we are also
planning to place more emphasis on our wholly owned GenMe Inc.
subsidiary to accelerate the commercialization of the new products.
The additional capital will strengthen the financial resources of
the Company as we continue our return towards operating cash
break-even."
Enquiries
DDD Group
Chris Yewdall, President
& CEO
Victoria Stull, CFO +1 310 566 3340
Peel Hunt LLP (UK Nomad/Broker)
Richard Kauffer / Euan
Brown +44 (0)207 418 8900
Beaufort Securities (Joint
broker)
Jon Levinson / Elliot
Hance +44 (0)207 382 8300
Berns & Berns (US PAL)
Michael Berns, esq. +1 212 332 3320
About DDD
DDD transforms the visual experience. Its advanced imaging and
TriDef(R) solutions are licensed by leading brands including
Samsung, LG and Lenovo for use in TVs, tablets and PCs. Over 55
million 3D products have been shipped by DDD's licensees worldwide.
DDD's shares are quoted on the London Stock Exchange's AIM Market
(AIM: DDD) and the OTCQX (DDDGY). For more information please visit
www.DDD.com.
_______________
Details of Secured Loan Note
The Loan has been established under the authority granted to the
board of directors pursuant to Section 114 the Company's Articles
of Association.
The following is a summary of the main provisions of the Loan.
The Loan has an annual interest rate of 10%. Loan interest is paid
at the end of each calendar quarter. The loan is repayable on or
before June 30(th) 2016 or as otherwise mutually agreed between the
Company and Arisawa. The loan may be repaid without penalty in
whole or in part together with any accrued interest. In the event
that the Company receives any intellectual property settlement
and/or secures additional funding or other similar monetization
event, it has agreed to apply the net proceeds to repaying the Loan
prior to using the proceeds for repaying any other convertible loan
notes in issue from the Company.
In the event that the Company is in breach of the terms of the
Loan and has not remedied the breach within the period of time
allowed, Arisawa has the right to acquire ownership of the
Company's US 2D to 3D conversion patent number 6,477,267 and its
international counterparts. Acquisition of the patent will not
provide any rights or interest in license agreements related to the
secured patents that are currently in effect that yield royalties
to the Company.
Arisawa Manufacturing Co., Ltd. is currently a holder of 15.7%
of the existing issued ordinary share capital of the Company. The
transaction is a related party transaction for the purpose of AIM
Rule 13, Arisawa being a related party within the meaning of the
AIM Rules. The directors of the Company who are independent to this
transaction, Nicholas Brigstocke, Paul Kristensen, Hans Snook,
Victoria Stull and Christopher Yewdall consider, having consulted
with the Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as the shareholders are
concerned.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 08, 2016 02:00 ET (07:00 GMT)
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