Audioboom raises £ 4.5 million in share placement

After a failed takeover from Triton Digital, European podcast platform AudioBoom has announced a conditional capital raising of £4.5 million and  intends to resume trading on the UK stock exchange.

The company made the announcement at its annual general meeting and report to the stock exchange:

Audioboom Group plc, the leading spoken word audio on  –  demand platform, is pleased   to announce   that   it has conditionally raised a total of £  4.5  million (before expenses) via a proposed   placing and subscription   of   a total of  150,000,000  new ordinary shares  of no par value. 
The Placing will be implemented in   three  tranches.   Approximately   £2.1 million (before expenses) has   been raised pursuant to the Company’s existing share authorities and a further approximately £  2.0  million has been raised subject to,   inter alia, the approval of Shareholders at an extraordinary general   meeting of the Company.   
A third   deferred   Placing   tranche of   approximately   £  40 0,000 has been   raised   subject to,   inter alia,  the approval of Shareholders at   the  extraordinary general meeting of the   Company  and the Company having,   by   9   September 2018, received   confirmation from HM Revenue   & Customs that the Company is a Qualifying Company (as defined in Chapter 4, Part 6 of the Income   Tax Act 2007) and the shares will be a Qualifying Holding (as defined in Chapter 4, Part 6 of the   Income Tax Act 2007),   as well a  s other customary conditions.   
All Placing Shares will be issued at a   price of 3 pence per new Ordinary Share.   The Placing is conditional upon,   inter alia, the restoration of trading in the Company’s Ordinary Shares   on AIM. It is expected that trading   in the  Company’s Ordinary Shares will be restored at   8:00 a.m. on 14  June 2018. 
Additionally, conditional on the approval of   shareholders at the   extraordinary   general   meeting, the   Company intends to convert in full all amounts (including interest) that   have been drawn down by the   Company pursuant to the £1.5  million  principal value of convertible loan notes issued by the Company   to Candy Ventures SARL.   The Company   will   also  announce today its results for the financial year ended 30 November 2017.   Copies of the Company’s Annual Report and Accounts will be posted to shareholders on   11  June   2018    


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