New Issue: Music Copyright Solutions announces £1.25 million convertible loan

By Devika Patel

Knoxville, Tenn., Dec. 24 - Music Copyright Solutions plc said it has negotiated a £1.25 million convertible loan with Polymer Holdings Ltd.

The principal terms of the convertible loan are a tranche of £275,000, carrying no interest, which is convertible into ordinary shares at 1.5p per share within one year; a further £475,000, carrying interest at Libor plus 2.5%, with a cap of 5%, convertible within two years into ordinary shares at 6p per share; and a further £500,000, carrying interest at Libor plus 2.5%, with a cap of 5%, convertible within three years into ordinary shares at 12p per share.

The first two tranches are to be drawn down immediately and the third tranche may be drawn down by in March.

Proceeds will be used to finance recoupable advances payable on new administration contracts in the film and TV music arena, as well as for some limited working capital purposes.

Music Copyright Solutions is a London-based music publishing company.

Issuer:	Music Copyright Solutions plc
Issue:	Convertible loan
Amount:	£1.25 million
Maturity:	One year (for £275,000), two years (for £475,000), three years (£500,000)
Coupon:	0% (for £275,000), Libor plus 2.5% (for £475,000), Libor plus 2.5% (£500,000), cap of 5%
Price:	Par
Conversion price:	1.5p (for £275,000), 6p (for £475,000), 12p (£500,000)
Warrants:	No
Investor:	Polymer Holdings Ltd.
Settlement date:	Dec. 24
Stock symbol:	London: MCS
Stock price:	2.75p at close Dec. 24

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