Litebulb Group Limited Financing Update (5492N)
01 February 2016 - 6:00PM
UK Regulatory
TIDMLBB
RNS Number : 5492N
Litebulb Group Limited
01 February 2016
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Financing Update
LiteBulb (AIM: LBB), the branded product developer, provides the
following update further to its announcement of 18 January
2016.
The Board continues to pursue a refinancing of all the Company's
existing convertible loan notes ("Loan Notes") and based on its
discussions with various parties now believes that this is likely
to take the form of a proportion of the liability being converted
in to equity and the remaining balance being rolled into a newly
constituted loan note. The terms of any conversion and the issue of
new loan notes remain subject to negotiation. Shareholders should
note that the current liability of the principal of the Loan Notes
amounts to GBP6.6 million, which is significantly greater than the
current value of the Company's equity.
The Board has identified a need for additional financing
amounting to approximately GBP2.0 million and are exploring means
of financing this alongside the refinancing of the Loan Notes. The
Board currently believes that this financing is most likely to be
in the form of new equity.
The Group's cash position remains tight and as announced on 18
January the Board is closely monitoring the Group's funding. The
Board remains confident that a suitable financing package which is
in the interests of all stakeholders can be arranged and that with
the right financial structure the trading prospects of the Company
remain encouraging.
For further information, please contact:
LiteBulb Group Limited www.litebulbgroup.com
Howard Partington, Interim Tel: 020 3384 7100
Chief Executive
Guy Pettigrew, Group Finance
Director
finnCap (NOMAD & Broker) Tel: 020 7220 0500
Stuart Andrews / Adrian Hargrave
/ Scott Mathieson (Corporate Finance)
Joanna Scott (Corporate
Broking)
Walbrook PR Limited Tel: 020 7933 8780 or
litebulb@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / Mob:
07884 664 686
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative
brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over
30 countries through blue chip retailers including: Tesco, M&S,
John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next,
Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach,
delivering compelling and agile brand extension programmes to the
entertainment industry. LiteBulb Creative has designed products and
campaigns for clients around the world, including Disney, Hasbro
and Miramax.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLFFVILFILVIR
(END) Dow Jones Newswires
February 01, 2016 02:00 ET (07:00 GMT)
Litebulb Grp (LSE:LBB)
Historical Stock Chart
From Apr 2024 to May 2024
Litebulb Grp (LSE:LBB)
Historical Stock Chart
From May 2023 to May 2024