7th Feb 2014 10:17
LONDON (Alliance News) - Mirada PLC Friday said it has seen a significant drop in its debt after shareholder Naropa Cartera SLU said it wants to convert GBP390,000 of its convertible loan agreement and the two parties came to an agreement that will see the interest outstanding on the total loan converted to equity.
Naropa received 3.9 million shares after the GBP390,000 was converted, with Mirada now owing just GBP100,000 to the shareholder.
Mirada, which calls itself an audiovisual interaction specialist, said that as part of the deal it also agreed to turn the outstanding interest on the convertible loan into shares. The total interest on the loan amounted to about GBP32,964 and will be capitalised into 329,643 shares.
Naropa will dispose of 11.6 million Mirada shares to Infoglobal SA, a Spanish technology group in which it holds a "significant" interest, according to Mirada. Naropa then will have a 4.97% stake in Mirada, while Infoglobal will hold 13.59%.
"I am glad to report the conversion and capitalisation of interest on our convertible loan, which has decreased the amount outstanding from GBP1.4 million less than a year ago to GBP100,000 today. This significantly strengthens our balance sheet and demonstrates the commitment of the loan note holders to the future of the company. I also welcome Infoglobal as a major shareholder of the company," José Luis Vazquez, Mirada chief executive, said in a statement.
Mirada shares were Friday quoted at 9.60 pence, up 0.35 pence, or 3.8%.
By Samuel Agini; [email protected]; @samuelagini
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