Limitless Earth converts investment in V-Nova
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.