Argentina Cash Update

RNS Number : 5017T

Mobile Streams plc

13 December 2012

 



Mobile Streams plc ('Mobile Streams' or the 'Company')

Argentina Cash Update

Mobile Streams announces today that it has successfully withdrawn a cash sum from Argentina. A purchase and subsequent sale of 750,000 ARS or approximately U.S.$150,000 of securities in Argentina resulted in net proceeds of approximately U.S.$100,000 being received in Mobile Streams PLC's UK bank account. The discount reflects the difference between the official and unofficial U.S. Dollar- Argentine Peso exchange rates.

As previously announced, Argentina tightened its laws on cross border intercompany transfer of funds in early 2012. These restrictions severely restricted the Company's ability to withdraw cash from Argentina where 94% of the Group's cash balance of £1.8m was held as at 30^th June 2012.

Following the successful completion of this initial cash withdrawal, the Company now intends to utilize this same mechanism to withdraw further funds from Argentina.

Enquires:

Mobile Streams                                                                     [phone]

Simon Buckingham, Chief Executive Officer

Nominated Adviser and Broker

N+1 Singer                                                                             [phone]

Jonny Franklin-Adams/Matt Thomas

 

END

 

 

MSCEASADFLLAFFF