The Board of ASG Media has restructured £196,213 of existing short term liabilities payable to Harris Liontas into a convertible loan.

The new convertible loan carries an annual interest rate of 10% and is due to be repaid or converted in 12 months. It is convertible at a price of 1p per new ordinary share which, if fully converted, will require the issue of up to 19,621,300 million new ordinary shares representing 10.8% of the enlarged issued share capital.

Meanwhile ASG Media continues to seek “further urgent funding to meet the Company’s immediate working capital requirement and longer term development plans”.

Last week, ASG Media PLC requested a suspension of trading of its securities on AIM.