FOR IMMEDIATE RELEASE 6 December 2005
Timestrip PLC (`Timestrip' or the `Company')
Exercise of Warrants and Convertible Loan Stock
Timestrip announces that it has received requests to exercise the following:
166,666 Placing Warrants;
5,000,000 A Warrants on behalf of Lloyd Traders Inc, a company owned jointly by
Stephen Oakes, Chairman, Timestrip PLC, Leo Knifton and Nigel Weller; and
£50,000 convertible loan stock on behalf of General Commerce and Investment
Trust Reg (`GCIT').
Both Lloyd Traders Inc and GCIT were investors in the original Internet Music &
Media `shell' and as such their holdings were detailed in the Admission
Document issued in February this year. Following the exercise of the A Warrants
above, Lloyd Traders Inc hold 15,408,470 ordinary shares, representing 5.17% of
the issued ordinary share capital. The holding remains subject to the `lock-in'
provisions as detailed in that document.
Accordingly the Company will issue a total of 11,416,666 ordinary shares of
0.02p each (the `Shares'). The shares will rank, pari passu, with the existing
ordinary shares and application will be made for the Shares to be admitted to
trading on AIM.
Contact: Paul Freedman, Timestrip plc on 01462 440700
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396.