ACQUISITION OF CONVERTIBLE LOAN NOTES (9943W)

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RNS Number : 9943W

Timeweave plc

08 February 2012

8th February 2012

Timeweave plc

("Timeweave" or the "Company")

ACQUISITION OF CONVERTIBLE LOAN NOTES

Timeweave announces the acquisition of GBP3.068m of Convertible Loan Notes in DCD Media plc, the AIM-listed independent TV production and distribution group.

The loan notes have been purchased from Gartmore Smaller Companies Trust, Standard Life UK Smaller Companies Trust, Barnard Nominees, Universities Superannuation Scheme, Rockmore Investment Master Fund, Artemis Investment Management and Henderson Global Investors.

Total consideration for the acquired debt, which has been satisfied in cash from the Company's existing cash reserves, is GBP2.087m.

All of the acquired loan notes have a maturity date of 1st October 2012. Under the terms of the loan note instrument, the debt earns interest at 8 per cent per annum, which is rolled up; GBP2.093m of the loan notes are convertible into ordinary shares in DCD Media plc at 18p and GBP975,000 of the loan notes are convertible into ordinary shares in DCD Media at 1p and conversion of the loan notes, if exercised, is possible up to a maximum of 29.99% of the DCD Media plc issued share capital.

David Craven, Chief Executive of Timeweave, today commented:

"This investment is consistent with Timeweave's strategy of growth and delivering shareholder returns through investment. We have been following DCD Media for some time and took this opportunity to acquire the majority of the Convertible Loan instruments. We will update Timeweave shareholders in due course regarding this investment."

For further information, please contact:

 
 Timeweave plc 
 David Craven, Chief    +44 (0)7738 438 
  Executive              376 
 
  Investec Bank plc 
                        +44 (0)207 597 
 Rowena Murray           5970 
 Andrew Pinder

Timeweave plc ("Timeweave") is the holding company of a group which principally comprises a 50% shareholding in Amalgamated Racing Limited ("AMRAC"), the sports hedging business SportingWins and cash deposits.

AMRAC is an equally owned joint venture company between Racecourse Media Services Limited (which is in turn owned by a number of the UK's foremost racecourses and Racecourse Investments Limited) and Timeweave. AMRAC holds exclusive licences with 34 racecourses to broadcast pictures, audio and data from these courses to licensed betting offices in the United Kingdom and the Republic of Ireland on its dedicated television channel, TurfTV.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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