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Automax Motors Ltd. — Capital/Financing Update 2019
Sep 24, 2019
6665_rns_2019-09-24_86f13fe0-672a-4539-9e5b-96b711b23ca3.pdf
Capital/Financing Update
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September 24, 2019
Re: Update about the upcoming bondholders meeting
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) (the "Company") hereby announces that the trustee of the bondholders (Series A) of the Company (the "Trustee") has published a notice to convene a bondholders meeting, at the request of a few bondholders, that will be held on October 2, 2019 (the "Notice"). On the agenda of such meeting is a resolution of a contingent demand of an immediate repayment of the bonds.
According to the Notice, the trustee will demand an immediate and full repayment of the bonds unless the Company signs by November 6, 2019 a binding share purchase agreement to sell the Company's shares (90%) in Team Internet AG ("TI") for a consideration that will suffice for the full repayment of the bonds (principal and interest).
The Company wishes to emphasise, that its officers have been working in the past few months to sell the Company's holdings in TI, to enable it to fully repay its debt to its bondholders. These actions have been carried out with full transparency and cooperation with the Trustee, the bondholder's representatives and the financial expert that was nominated by the court, on the recommendation of the Trustee.
The Company's position is that, a unilateral decision to demand an immediate repayment of the bonds may materially prejudice the chances to complete such sale, and in particular the chances of receiving a consideration that would suffice for the full repayment of the bonds.
Therefore, the Company is of the opinion that in voting, the bondholders should take into consideration the difficulties that such proposed resolution may entail, and enable the Company the necessary time to complete such sale.
About Matomy
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) is a global media company. Founded in 2007 with headquarters in Tel-Aviv, Matomy is dual-listed on the London and Tel Aviv Stock Exchanges.
Press Contact Information:
Noam Yellin, [email protected], +972544246720
Website: http://investors.matomy.com