ASG announced on 28 September that it had received further short-term funding from Swiss-based Neo Media Group, but warned it was seeking further investment.
In a statement to the London Stock Exchange yesterday (20 October), ASG Media said it was in discussion with potential investors to secure the funding required to meet its immediate and longer-term commitments.
The statement added: "In light of the uncertainty as to the timing and final outcome of the discussions with potential investors, the company has requested a suspension of trading of its securities on AIM, pending confirmation of the financing."
In September, ASG Media announced it was to outsource the national sales for its network of 176 Spar stores to ABC Media, which already sells ads at Co-operative stores. ABC Media is now selling Spar ads through its PlanMyMedia.com website.
Avanti Screenmedia changed its name to ASG Media on 31 July, as part of a company restructure. Among the changes, non-executive director Mick Desmond, former chief of ITV Broadcasting, and chief executive Simon Rees, left the company. Rees was effectively replaced by Jamie Ball, who became managing director.
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