Audioboom Group PLC Statement re Online Commentary (1701X)
April 26 2019 - 1:01AM
UK Regulatory
TIDMBOOM
RNS Number : 1701X
Audioboom Group PLC
26 April 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
26 April 2019
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Statement re Online Commentary on proposed fundraising
The Directors of Audioboom note the recent online commentary
regarding a proposed equity fundraising by the Company.
The Company confirms that, in order to support and continue the
strong revenue growth recognised by Audioboom in Q4 2018 and Q1
2019 and to capitalise on the opportunities available to it in the
growing podcast market, it is currently working on completing a
placing and subscription of new ordinary shares in the Company at a
price of 2.5 pence per ordinary share to raise up to approximately
GBP5 million of new capital.
It is intended that the proceeds of the proposed fundraising
will be used predominantly to sign new third-party podcast talent.
The proposed fundraising will enable the Company to offer, where
appropriate, competitive financial incentives for leading podcast
talent to join Audioboom's platform. These incentives could, in
certain circumstances, include fully recoupable up front advance
payments.
In addition to the proposed fundraising, the Company is also
exploring potential non-equity means to support the acquisition of
new podcast talent, involving a third party guarantee facility.
Such a facility would enable the Company to arrange for minimum
revenue guarantees to be provided to leading content partners
without significantly affecting the Group's cash position.
There can be no certainty that the fundraising or the guarantee
arrangements referred to above will be concluded nor as to the
timing, terms, pricing or size thereof. However the Board welcomes
the indications of support for the fundraise at the proposed price
that have been recently received from existing and new investors
who recognise the podcast market's dynamics and Audioboom's growth
potential.
A further announcement will be made in due course.
Enquiries
Audioboom Group plc
Rob Proctor, Chief Executive Officer Tel: +44(0)20 7403
6688
Allenby Capital Limited (Nominated adviser Tel: +44(0)20 3328
and Joint Broker) 5656
David Hart /Alex Brearley/Asha Chotai
Novum Securities (Joint Broker) Tel: +44(0)20 7399
9400
Colin Rowbury/Jon Belliss
Walbrook PR Limited (PR & IR Advisers) Tel: +44(0)20 7933
8780
Paul Cornelius / Sam Allen or audioboom@walbrookpr.com
About Audioboom
Audioboom is the leading global podcast company, consolidating
the business of on-demand audio, making content accessible,
wide-reaching and profitable for podcasters, advertisers and
brands. Audioboom operates internationally, with operations and
global partnerships across North America, Europe, Asia and
Australia, and addresses the issue of disparate podcast services by
putting all of the pieces of the puzzle together under one
umbrella, creating a user-friendly, economical experience.
Audioboom hosts over 13,000 content channels, with key partners
including A+E Networks (US), Associated Press (US), 'Astonishing
Legends' (US), 'Casefile True Crime' (AUS), Edith Bowman (UK),
'Felon True Crime Podcast' (AUS), Jonathan Ross (UK), 'Moneycontrol
Podcast' (India), 'No Such Thing As A Fish' (UK), Red FM (India),
Starburns Audio (US), 'The Cycling Podcast' (UK), 'The Totally
Football Show' (UK), 'The True Geordie Podcast' (UK) and
'Undisclosed' (US).
Original content produced by Audioboom includes 'The 45th' (US),
'Covert' (US), 'I Almost Knew That' (India), 'The Psychology Behind
with Dr Linda Papadopoulos' (UK), 'Ctrl Alt Win Podcast' (India),
'Deliberations' (US), 'It's Happening with Snooki & Joey' (US),
'Mafia' (US), 'Mission To Zyxx' (US),' Night Call' (US) and 'The
Russell Brand Podcast' (UK).
The platform receives over 60 million listens per month and
allows partners to share their content via Apple Podcasts,
BookMyShow, Deezer, Google Podcasts, iHeartRadio, RadioPublic,
Saavn, Spotify, Stitcher, Facebook and Twitter as well as their own
websites and mobile apps.
For more information, visit audioboom.com.
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
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