7digital Group PLC Transfer of Loan Notes and Standstill Agreement (8514Y)
May 13 2019 - 8:09AM
UK Regulatory
TIDM7DIG
RNS Number : 8514Y
7digital Group PLC
13 May 2019
13 May 2019
7digital Group plc
("7digital" or the "Company")
Transfer of Loan Notes and Standstill Agreement
Further to its notification of 7 May 2019, 7digital Group plc
(AIM: 7DIG) is pleased to announce that a third party investor (the
"Investor") has agreed to purchase both outstanding loan notes and
entered into a standstill agreement with 7digital pursuant to which
the Investor has agreed not to seek early redemption or conversion
of the notes before 30 June 2019 except in certain limited
circumstances (including a major equity issuance or the insolvency
of the Company).
As part of this arrangement, the redemption notice served by one
of the loan noteholders has been revoked. Notwithstanding this
revocation, this transaction does not provide the Company with new
financing. Accordingly the Board remains of the view that the
Company will require material further equity and/or debt funding.
It is likely that such funding will be required by the end of June
2019. Without such funding, the Company is unlikely to be able to
continue as a going concern.
The Company is in discussions with regard to a significant
injection of equity financing which is likely to be at a discount
to the prevailing share price. However, there can be no guarantee
that an equity financing or any other refinancing transaction will
be completed, nor as to the terms on which an equity financing or
any other potential refinancing transaction may be completed.
This announcement contains information which, prior to its
disclosure, was deemed inside information for the purpose of the
Market Abuse Regulation.
For further information please contact:
7digital 020 7099 7777
John Aalbers, CEO
Julia Hubbard, CFO
Holly Ashmore, PR Manager
Arden Partners (nominated adviser and broker) 020 7614 5900
Ruari McGirr/ Tom Price/ Benjamin Cryer - Corporate
Finance
About 7digital (http://about.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 such as Onkyo and TikTok (formerly
musical.ly). From years of being the largest independent producer
of programming for the BBC and powering services for partners like
Panasonic and Fender, 7digital is perfectly positioned to lead
innovation at the intersection of digital music and next-generation
radio services.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRXXLFFKEFBBBQ
(END) Dow Jones Newswires
May 13, 2019 09:09 ET (13:09 GMT)
7digital (LSE:7DIG)
Historical Stock Chart
From Apr 2024 to May 2024
7digital (LSE:7DIG)
Historical Stock Chart
From May 2023 to May 2024