Avanti has picked up contracts for three shopping malls - the Trafford Centre in Manchester, Gloucester Quays in Gloucester and Paradise Forum in Birmingham.
In a trading statement today, Avanti Screenmedia said despite the recent Neo loan, the company still needs "further short-term funding" to meet the company's immediate working capital requirement and develop and grow the business.
In addition, a number of Avanti directors have agreed to convert their personal convertible loans into shares of the company to reduce Avanti's debt.
Though the conversion will not have any cash benefit to the company, Avanti said it will reduce the overall level of borrowing within the group, which now has £2.3m in loans notes in issue.
Gary Truman, group finance director now owns 11.63% of Avanti Screenmedia, chief executive Simon Rees now has a 5.64% of the business, non-executive director Richard Vos owns 5.64% and the non-executive chairman Michael Desmond owns 2.82%.
If all the convertible loans Neo Media has given to Avanti are converted into shares, Neo Media will own up to a maximum of 69.61% of the company's enlarged share capital.
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