Catalyst Media Group PLC
10 April 2007
Catalyst Media Group plc
('Catalyst' or the 'Company')
Loan Facility
The Board of Catalyst is pleased to announce that it has today entered into an
agreement for a new £4 million loan facility ('Facility') to be provided by
North Atlantic Smaller Companies Investment Trust PLC and Oryx International
Growth Fund Limited. The funds provided under the Facility will be used to repay
a proportion of the facility that the Company has in place with Investec Bank
(UK) Limited ('Investec') ('Investec Facility') so as to reduce the outstanding
borrowings to Investec to below £5 million. At this level, under the terms of
the Investec Facility, Investec should no longer be entitled to exercise a
warrant to acquire an effective 1 per cent. of the Company's holding in
Satellite Information Services (Holdings) Limited ('SIS') provided the balance
of the Investec Facility is repaid in full by 30 September 2007. Following
completion of the placing and open offer and the recent sale of of 1.67 per
cent. of the Company's stake in SIS to Fred Done of BetFred bookmakers, the
Company now owns a 20.51 per cent. interest in SIS.
Interest is charged on the Facility at a fixed rate of 13.25 per cent. per
annum, payable quarterly in arrears. A nominal arrangement fee is payable in
connection with the Facility. The Facility is repayable on or by 10 April 2009
and is secured by a fixed and floating charge over the Company's assets and a
first fixed legal charge over the entire issued share capital of Catalyst Media
Holdings Limited, a subsidiary of the Company.
Enquiries:
Catalyst Media Group plc
Michael Rosenberg
Tel: 020 7927 6699
Strand Partners Limited
James Harris/Angela Peace
Tel: 020 7409 3494
Evolution Securities Limited
Tom Price/Hui Ling Tay
Tel: 020 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
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