Daily Internet plc

February 23, 2012 02:00 ET

Issue of Loan Notes 2015 and Ordinary Shares

Daily Internet plc

23 January 2012

Issue of New Loan Notes and Ordinary Shares

Daily  Internet  plc (the "Company" or "Daily") is pleased to announce that following the  passing  of  all
resolutions at the meeting of Loan Note holders held on January 4th 2012 that new 2015 Loan Notes have been
issued to former holders of the 2012 Loan Notes.

Background to the Issue of 2015 Loan Notes

In  early  2009,  the Company raised £280,000 by the issue of 56 Loan Notes (each with a nominal  value  of
£5,000), which were due to be redeemed on 8 January 2012.  Following discussions with all holders  of  2012
Loan  Notes  a resolution was passed unanimously at the General Meeting of Noteholders held on 4th  January
2012 to exchange the 2012 Loan Notes with New Loan Notes expiring in 2015

Terms of the New Loan Notes

Each  £5,000  nominal  value 2012 Loan Note is exchanged for a £5,000 nominal  value  2015  Loan  Note  and

A summary of the key terms of the 2015 Loan Notes is as follows:

Terms                                2015 Loan Notes
Interest                             9%,  payable quarterly in arrears, in cash or in ordinary
                                    shares (at 3p) at the holder's election.
Conversion Rate                      1 ordinary share for every 3p due to the Noteholder
Noteholder's right of conversion     On 7 days' notice in writing to the Company in respect of
                                    principal and interest
Early Repayment                      The  Company may elect to repay the 2015 Loan Notes early
                                    on notice in writing
Loan Stock Redemption Date           8 January 2015

The 2015 Loan Notes offer a rate of interest of 9 per cent and are convertible at a conversion price of  3p
per  share.  The Company is able to redeem a minimum of £1,000 nominal value of each New Loan Note as  cash
flow  allows  by  repaying the redeemed nominal value plus six months' pro rata interest,  subject  to  the
relevant  holders  being entitled to convert such loan notes into ordinary shares in  the  capital  of  the
Company at their election at 3p per share.

The  exchange of each 2012 Loan Note for a 2015 Loan Note is accompanied by a Warrant entitling the  holder
to  subscribe  for  100,000 ordinary shares at a price of 5p per share, exercisable at any  time  before  8
January 2022, provided that the Company may require the exercise of these Warrants if its shares are traded
at  a  price in excess of 8p per share for a period of 60 business days and an aggregate value of  bargains
exceeding £60,000 occurs over that period.

Issue of Ordinary Shares

Daily  Internet plc (the "Company" or "Daily") is pleased to announce that it has issued 1,500,000 Ordinary
New  Shares  in fulfilment of fees due to its PLUS Markets Corporate Adviser Loeb Aron & Company  Ltd.  The
total number of Ordinary Shares in issue now stands at 62,623,550.



Daily Internet: Julie Joyce Finance Director 01559737260

Loeb Aron & Co: Peter Freeman  02076281128

Contact Information

  • Daily Internet plc