LONDON (ShareCast) - (ShareCast News) - Investing company Limitless Earth announced on Wednesday that it has agreed to convert its investment in V-Nova International.
The AIM-traded firm had invested £0.5m in V-Nova, a London based leading provider of signal and data compression solutions, in a convertible loan note on 18 December 2015.

Under the terms of the convertible loan agreement, the company was granted the right to exercise an early conversion of the loan note into Series B1 Participating shares at a 20% discount to a preferential valuation for V-Nova of £100m.

The Limitless board decided to convert the loan note in V-Nova following that company's recent public announcements which included Eutelsat becoming a minority shareholder in the company, Thaicom selecting the company's technology for their UHD services, and the rate of growth of the fastfilmz business in India.

Additionally, Limitless said it was satisfied with V-Nova's business plan and its execution to-date and the continued expansion of its patent portfolio and IP protection, which provided Limitless with confidence in V-Nova's market traction.

"Because we are satisfied that V-Nova is progressing in line with its initial business plan, we made the decision to convert our loan into V-Nova shares at a preferential valuation of £100m with an additional 20% discount," said Limitless director Guido Contesso.

"Above all, we are encourage that leading telecoms institutions have selected V-Nova's.

"Our investment is in a company that, in our opinion, has great potential and importantly a highly skilled and experienced management team."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE