2nd Jul 2019 13:55
(Alliance News) - Matomy Media Group Ltd on Tuesday said the trustee of its series A bondholders is convening a meeting to vote on bond repayment.
Shares in the advertising technology provider were down 15% at 2.50 pence in afternoon trade.
The trustee has published a notice to convene the meeting on July 8, where bondholders will vote on "a resolution of a contingent demand of an immediate repayment of the bonds".
Should bondholders approve the resolution, which requires only a simple majority, then Matomy will be required to make a partial USD4.5 million early repayment or else "the trustee will demand an immediate and full repayment of the bonds".
The partial repayment would be required to be made within the 45 days following publication of the meeting's result.
On Thursday, Matomy warned that its plan to settle a dispute over the USD30 million convertible bond issued February for a 10% stake in Team Internet AG had been jeopardised as there was "uncertainty regarding the feasibility of the execution of the proposed plan in its current structure" which would require adjustments.
In April, Matomy agreed to sell its 90% stake in technology firm Team Internet AG to minority shareholder Rainmaker Investments GmbH for USD36 million cash, due diligence for which was extended to July end and then extended again by another 45 days.
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