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
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