Big Sofa Technologies Group PLC Part Conversion and Repayment of Convertible Loan (7585P)

TIDMBST

RNS Number : 7585P

Big Sofa Technologies Group PLC

31 May 2018

31 May 2018

Big Sofa Technologies Group plc

("Big Sofa" or the "Company")

Part Conversion and Repayment of Convertible Loan

Big Sofa (AIM: BST), a fast-growing international video analytics provider to consumer brands and market research agencies, announces the part conversion and repayment of the Eridge Capital Limited ("Eridge") (formerly New World Oil and Gas plc) convertible loan.

As previously announced, prior to Big Sofa's admission to trading on the AIM market of London Stock Exchange plc ("AIM") in December 2016, its subsidiary, Big Sofa Technologies Limited, borrowed GBP675,000 from Eridge by way of a convertible loan (the "Convertible Loan"). As at 31 May 2018, the value of the Convertible Loan plus rolled up interest was GBP739,212.

Eridge has today elected to convert GBP100,000 of the Convertible Loan plus rolled up interest into 588,235 ordinary shares of 3p in the Company ("Ordinary Shares"), representing a conversion price of 17p per share. Furthermore, Big Sofa and Eridge have agreed that Big Sofa will today repay the full outstanding balance of the Convertible Loan plus rolled up interest, totalling GBP639,212.

As a result of the part conversion and repayment, there are no further liabilities due in respect of the Convertible Loan.

Consequently, Big Sofa has today allotted 588,235 Ordinary Shares to Eridge. Application has been made for these shares to be admitted to trading on AIM, with Admission expected on or around 6 June 2018.

Following Admission, the Company's total issued ordinary share capital will be 82,598,958 Ordinary Shares. No ordinary shares are held in treasury. Following Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries

 
 Big Sofa Technologies Group        via Vigo Communications 
  plc 
 Simon Lidington, CEO 
 Matt Lynch, CSO 
 Joe MacCarthy, CFO 
 
 Vigo Communications (Financial     [phone] 
  Public Relations)                  9700 
 Ben Simons / Jeremy Garcia 
  / Antonia Pollock 
 
                                    [phone] 
 SPARK Advisory Partners (NOMAD)     3554 
 Neil Baldwin / Mark Brady 
 
                                    [phone] 
 Hobart Capital Markets (Broker)     5656 
 Lee Richardson / Phillip Worton 
 

About Big Sofa Technologies Group plc

Big Sofa is a B2B technology business servicing the marketing and consumer insight industries with video analytics.

Our software platform collates, analyses and organises large volumes of raw/unstructured video content enabling companies to perform detailed and sophisticated consumer insight analysis; and make genuine use of their video content.

Until recently, video has been difficult and expensive to capture, upload, store, manage and analyse as a consumer insight tool. However, proliferation of smart phones has empowered consumers to speak directly to brands resulting in an evolution of consumer insight and data analytics techniques, with video emerging as a key platform in a massive $33 billion consumer research market.

Big Sofa's shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.

To find out more, visit www.bigsofatech.com

Follow us on twitter at @bigsofatech

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May 31, 2018 02:00 ET (06:00 GMT)