4th Dec 2018 18:11
LONDON (Alliance News) - Mobile network operator the People's Operator PLC on Tuesday said that it has secured a major investment and funding deal with WWW Holding Company Ltd, the majority owner of LycaMobile.
WWW agreed to provide working capital of up to GBP50,000 per calendar week to the company as bridging finance while discussions continued.
Meanwhile, the company is proposing a share reorganisation on a 2000-to-one basis in order to reduce its capital. It currently has 3.02 billion shares in issue.
Furthermore, the firm said it is looking to raise GBP1.3 million via an allotment of 645,000 shares to WWW at 10 pence each and the allotment to WWW of GBP1.2 million convertible loan notes.
People's Operator shares closed untraded at 0.01p on Tuesday.