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7digital Group PLC - Result of Oversubscribed Placing and Subscription

RNS Number : 9372X
7digital Group PLC
03 September 2020
 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF 7DIGITAL GROUP PLC IN ANY JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

UNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS ANNOUNCEMENT HAVE THE MEANINGS GIVEN TO THEM IN THE DEFINITIONS SECTION INCLUDED IN THE APPENDIX TO THE COMPANY'S ANNOUNCEMENT OF 7.00 AM TODAY.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

3 September 2020

 

7digital Group plc

("7digital" or the "Company")

 

Result of Oversubscribed Placing and Subscription raising £6.0m

 

7digital Group plc (AIM:7dig), the global leader in B2B end-to-end digital music solutions, announces that, further to its announcement at 7.00 a.m. today (the "Announcement"), it has successfully completed the oversubscribed Placing and Subscription which is now closed.

The Placing and Subscription has raised £6.0 million (gross) through the placing of 266,666,667 new Ordinary Shares, all at an Issue Price of 2.25 pence per share.

The net proceeds of the fundraising will be used to support immediate and medium term commercial growth opportunities, in particular within home fitness, artist monetisation, and social media.

Admission and Total Voting Rights

The Placing and Subscription of the 266,666,667 new Ordinary Shares is conditional on Admission, and is being carried out within the Company's existing share authority to issue Ordinary Shares for cash.

It is expected that the new Ordinary Shares will be admitted to trading on AIM at 8.00 a.m. on or around 9 September 2020 (or such later date as may be agreed between the Company and Arden, but no later than 30 September 2020).

Following the Admission, the total number of Ordinary Shares in the Company in issue will be 2,722,085,961. The Company holds no Ordinary Shares in Treasury. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

Tamir Koch, Chair of 7digital, said:

"We are delighted with the outcome of this successful, oversubscribed fundraise and for the support we have received from both existing shareholders and a substantial number of new institutions. The proceeds not only secure the future of 7digital but also set the business up for a sustained period of growth, building on our leading global position in the expanding market of B2B music streaming."

 

Paul Langworthy, CEO of 7digital, said:

"The Company has made exciting progress during 2020 securing new contracts with Triller and the eMusic livestream platform and a healthy pipeline of high-profile companies to capture key strategic markets of social media, artist monetisation and home fitness.  This financing not only offers us greater investment and support to fully capitalise on these trends, but an entrepreneurial environment to leverage our leading technology platform to support new models of music consumption that emerge."

 

Capitalised terms in this announcement shall have the meanings given to such terms in the Announcement at 7.00 a.m. today.

 

For further information please contact

 

7digital Group plc

020 7099 7777

Paul Langworthy, CEO


Arden Partners (Nominated Adviser and Broker)

020 7614 5900

Richard Johnson, Benjamin Cryer


Luther Pendragon (Financial PR)    

020 7618 9100

Harry Chathli, Joe Quinlan, Elliot Fradd  


 

About 7digital (www.7digital.com)

 

7digital is the global leader in B2B end-to-end digital music solutions. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.

 

7digital fosters industry growth and innovation by simplifying access to music for clients. From years of being the largest independent producer of programming for the BBC and powering services for partners like Soundtrack Your Brand, Global Eagle, Grandpad and Fender, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.

 

 

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Price: 1.3

Market: AIM
Market Cap: £35.39 m
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