O'Connor-based toy developer Brainytoys Ltd has resolved a dispute with its major shareholder and secured convertible note holder, Noble Investments Pty Ltd, in relation inter alia to the proposed terms of conversion.
The commpany has also announced the appointment of senior toy industry executive Bob Finn as chief operating officer.
A company announcement is pasted below;
On 11 December 2007, Brainytoys Limited ("BRT") announced to the market that a dispute may arise with Noble Investments Pty Ltd ("Noble"), a substantial shareholder and secured convertible note holder, in relation inter alia to the proposed terms of conversion.
The matter has now been resolved between the parties, and accordingly the company has executed a secured convertible loan agreement for a $1 million facility on the terms announced to the market on 4 September 2007 save for a preapproved (by Noble) additional borrowing capacity involving a partial security waiver by Noble.
This borrowing capacity relates to the proposed borrowing by BRT and/or its subsidiaries from receivable financiers against receivable sums due by customers in consideration for goods shipped or delivered, or to be delivered in the future in the ordinary course of business (e.g., confidential invoice financing and purchase order discounting).
BRT wishes to acknowledge the significant support of Noble over the past 18 months.
