7digital Group PLC - Result of Oversubscribed Placing and Subscription
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("7digital" or the "Company")
Result of Oversubscribed Placing and Subscription raising
The Placing and Subscription has raised
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
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
"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."
"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
For further information please contact
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020 7099 7777
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Arden Partners (Nominated Adviser and Broker)
020 7614 5900
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020 7618 9100
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
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Quick facts: 7Digital Group PLC
Market Cap: £35.39 m
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