Innovative Software Direct plc
LSE : ISDP

December 06, 2010 10:28 ET

Conversion of Loan Notes

6 December 2010


                                  INNOVATIVE SOFTWARE DIRECT PLC
                                                 
                                     (the "Company" or "ISD")
                                                 
                                                 
                           Conversion of Loan Notes & Results of the AGM
                                                 

The  Board is pleased to announce that on 1 December 2010 the loan note holders converted a  total
of £116,400 of loan notes at a price of 2p per share, resulting in the issue of 5,820,000 Ordinary
Shares of 1p each. Total Ordinary Shares now in issue are 22,002,946.

Following this transaction, the substantial shareholdings are as follows:

Shareholder                                                         Number of shares             %
                                                                                    
B Hersh                                                                    1,235,602          5.62
M Isaacs                                                                   5,814,999         26.43
G Doffman                                                                  2,332,500         10.60
F Mosheim                                                                    957,500          4.35
A Kitchen                                                                    800,000          3.64
Serprocor                                                                  2,403,000         10.92
Dr Krishna                                                                 1,940,000          8.82


As a result of the conversion Ian Byron and Stuart Corner are no longer substantial shareholders.

As  a  result  of Dr Krishna converting £38,800 of the above loan notes, directors' holdings  have
increased to 1,965,000 (8.93%)Ordinary Shares.

The  Board also announces that at the General Meeting held at the Company's offices on 3 December,
all resolutions were duly passed.

The Board accepts responsibility for the content of this announcement.




                                            ---ENDS---

Contact Information

  • Innovative Software Direct plc