Audio Visual Enterprises S.A. (ATSE:AVE) announced a private placement of 15,471,428 convertible preferred stock at €0.70 per share for gross proceeds of €10,830,000 on July 27, 2015. The convertible preferred stock will be converted into common stock of the company within five years from the date of issuance on 1:1 ratio. The company will issue convertible preferred shares without voting rights.

The transaction will include participation from returning investor Doson Investment Company.