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Entertainment Daily owner Digitalbox joins AIM

Digitalbox PLC (previously Polemos (LON:PLMO) after a reverse takeover) will be home to Mashed Productions – the firm behind The Daily Mash satirical news site.The owner of celeb gossip site Entertainment Daily, Digitalbox Holdings, joins AIM after reversing into cash shell Polemos. Polemos shares have been suspended since September while it looked to make an acquisition that constituted the reverse takeover. Digitalbox CEO James Carter tells Proactive London why he believes they've cracked the mobile publishing journey by virtue of a great deal of under the bonnet tech.
Existing Digitalbox shareholders will receive shares in the new company worth £10mln. Digitalbox's first acquisition is set to be Mashed Productions, the firm behind The Daily Mash satirical news site, which it is buying for £1.2mln, mostly in cash. To help finance the deals, Polemos is raising £1.02mln through the placing of 7.29mln shares at 14 pence apiece. Subject to shareholder approval, the placing and subscription are expected to complete on 28 February, with the acquisitions formally going through a week later. “I am pleased to be able to announce the acquisitions which, subject to shareholder approval, will result in the successful conclusion of the process announced in September, and will enable shareholders to benefit from the exciting potential of the Digitalbox platform and management team,” said Polemos chairman Nigel Burton.

 
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Newswire
April 03 2013

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