FSI advised AIM listed ZOO Digital Group plc
Wed, 10 Aug 2011
FSI advised AIM listed ZOO Digital Group plc ("ZOO") on a placing of new shares raising funds of approximately £1.70 million and a restructuring of all of the Company's outstanding convertible loan notes, amounting to £3.54 million, which were due to mature on 31 October 2011.
Half of the outstanding convertible loan notes will be converted at the placing price of 40p, the remainder being extended to October 2013.
The placing, conversion and extension are subject to the approval of shareholders and loan noteholders at respective general meetings on 6 September. Admission is expected to be effective from 7 September 2011.
ZOO provides software and related services that support the authoring, re-purposing and distribution of creative media.
Louise Eldridge commented, "We were delighted to assist ZOO on a secondary issue of securities and the restructuring of its outstanding loan notes, enabling the Company to further strengthen its balance sheet and accelerate the adoption of its software in media rich markets, such as eBooks."