29th Jan 2016 07:00
29 January 2016
PeerTV PLC
("PeerTV" or the "Company")
Company Update and Resignation of Nominated Adviser
Board Changes
The Company announces that Kavi Dhana resigned from his position as a non-executive director of PeerTV on 28 January 2016 with immediate effect. Ossie Weitzman has withdrawn his resignation, announced yesterday, and therefore remains finance director of PeerTV.
Corrective Statement
The Company wishes to make a corrective statement in respect of the announcement issued on 23 June 2015 in which it stated that Fidelity Venture Capital Limited ("Fidelity Venture") subscribed for 50 million ordinary shares (in their then pre 1000:1 consolidated form) at a price of 0.20 pence per ordinary share for cash.
The announcement did not include the full terms of payment for the issue of the shares which included an immediate payment of £25,000 and further payments to be settled in three parts being one month, two months and three months from the date of the allotment, such payments to be at the lower of (i) £25,000 (ii) the value of 12.5 million Ordinary Shares of PeerTV priced at the average VWAP of the lowest 10 trading days in the preceding month.
In the event, Fidelity Venture failed to provide details of its share trading account for several weeks, during which time there was a significant fall in the market price of the Company's shares. According to the Company's estimates Fidelity Venture has a further liability to the Company under the agreement of about £10,000. However, Fidelity Venture has not made any further payment. Discussions have been held to try to realize some further payment but these have to date been unsuccessful. Consequently, only £25,000 of the £100,000 subscription funds from Fidelity Venture implicit in respect of the 23 June 2015 announcement has so far been received.
The agreement with Fidelity Venture dated 23 June 2015 also included an obligation to issue warrants valid for two years from the date of allotment to subscribe for up to 25 million shares at a price of 0.40 pence per share. In light of the circumstances above, these warrants have not been issued.
Resignation of Nominated Adviser and continued suspension of shares
The Company announces that ZAI Corporate Finance has resigned as the Company's nominated adviser with immediate effect. Accordingly the Company's shares will remain suspended from trading on AIM. In accordance with AIM Rule 1, if the Company fails to appoint a replacement nominated adviser within one month of the date of that suspension, admission of the Company's shares to trading on AIM will be cancelled.
Admission to trading of the new ordinary shares
Further to the announcement on 26 January 2016 regarding the loan conversion and issue of shares, the Company announces that the admission of the 1,580,711 shares due to be admitted to AIM on 02 February 2016 may be delayed as a result of the suspension of the Company's shares from trading on AIM.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
Related Shares:
PTV.L