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AxisMobile

• BY: Andrew Hore |
• POSTED: 24/06/2008 |
• COMMENTS: Add yours

AxisMobile is borrowing another $500,000 from its existing lenders. 

The consumer mobile email business is in talks with potential buyers and the cash will enable it to bring the talks to a conclusion. 

An agreement dated on 15 June sets out the conditions under which the lenders would forgo repayment of the debt. If a sale of the company or its business is made within ninety days of the agreement then the lenders would receive part of the proceeds. This would be based on the number of shares that the debt would have been converted into.

One share would be received for every $0.1187 owed as at the 15 June and one share for every $0.041545 of indebtedness incurred between 15 June and completion of the sale of the business.

At 6p a share, the company is valued at £1.77m. Prior to the latest borrowings there was £6.9m of convertible debt.

All this makes it difficult to assess just how much exsiting shareholders might receive from a sale.

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