Global Broadcast - Outcome Of Board Meeting

Global Broadcast News Ltd has informed that the Board of Directors of the Company at its meeting held on August 09, 2007, has considered and approved the allotment of 30,00,000 Convertible Warrants (convertible within 18 months) at a price of Rs 815/- per Convertible Warrant arrived as per the SEBI Guidelines, to Network18 India Holdings Pvt Ltd, a 100% subsidiary of Network 18 Fincap Ltd., on preferential allotment basis, subject to necessary approvals of shareholders. The Board has also constituted a Preferential Allotment Committee.