BOOM Audioboom Group Plc

TIDMBOOM

RNS Number : 8406H

Audioboom Group PLC

08 December 2020

8 December 2020

Audioboom Group plc

("Audioboom", the "Group" or the "Company")

Further use of podcast content funding guarantee arrangement

Issue of warrants with exercise price of GBP3.30 per share

Audioboom (AIM: BOOM), the leading global podcast company, has further utilised the Company's content funding guarantee facility (the "Facility"), which was first announced on 17 June 2019, in relation to the signing of a major new podcast partner. The podcast is a leading US-based show that has consistently appeared in the Apple Podcasts Top 100 over the past five years.

The Facility is provided by SPV Investments Ltd (the "SPV"), a special purpose vehicle owned equally by Michael Tobin, the Company's Chairman, and Candy Ventures sarl, the Company's largest shareholder.

The Facility was created to provide minimum revenue guarantees up to an aggregate of US$4 million at any one time to certain leading new content providers or, on contract renewal, to existing content partners of the Company. This secures the minimum guaranteed advertising revenue share payable to the content partners pursuant to their commercial agreements with Audioboom without tying up the Company's working capital. The provision of guarantees remains very much an exception when negotiating terms with content partners and the guarantees from the SPV are only used to secure leading, high profile, high revenue producing podcasts.

Following this latest use of the Facility, the remaining amount currently available under the Facility is approximately US$1.0 million.

Pursuant to the terms of the Facility, the provision of this latest guarantee by the SPV has led to a grant of 31,250 warrants to subscribe for ordinary shares in the Company, split equally between Michael Tobin and Candy Ventures sarl. The exercise price of these warrants will be GBP3.30 per share each, with such warrants being exercisable for five years from grant. A total of 100,000 warrants have now been issued pursuant to the Facility, which is the maximum number of warrants being capable of issue in this regard.

The Facility is distinct from the loan facility provided by the SPV as announced on 7 February 2020.

The FCA notifications in respect of the grant of warrants, made in accordance with the requirements of the EU Market Abuse Regulation, are appended below.

Enquiries

 
 Audioboom Group plc                          Tel: +44(0)300 303 3765 
 Stuart Last, Chief Executive Officer 
  Brad Clarke, Chief Financial Officer 
 
 Allenby Capital Limited (Nominated Adviser   Tel: +44(0)20 3328 5656 
  and Broker) 
 David Hart /Alex Brearley/Asha Chotai 
 

About Audioboom

Audioboom is a global leader in podcasting - our shows are downloaded more than 85 million times each month by 25 million unique listeners around the world. Audioboom is ranked as the 6th largest podcast publisher in the US by Triton Digital.

Audioboom's ad-tech and monetisation platform underpins a scalable content business that provides commercial services for a premium network of 250 top tier podcasts, with key partners including 'Casefile True Crime' (US), 'Morbid' (US), 'True Crime Obsessed' (US), 'The Morning Toast' (US), 'No Such Thing As A Fish' (UK), and 'The Cycling Podcast' (UK).

The Audioboom Originals Network is a slate of content developed and produced by Audioboom including 'Baby Mamas No Dramas', 'Covert', 'It's Happening with Snooki & Joey', 'Mafia', 'Huddled Masses' and 'What Makes A Killer'.

Audioboom operates internationally, with operations and global partnerships across North America, Europe, Asia and Australia. For more information, visit audioboom.com. The platform allows content to be distributed via Apple Podcasts, Spotify, Pandora, Amazon Music, Deezer, Google Podcasts, iHeartRadio, RadioPublic, Saavn, Stitcher, Facebook and Twitter as well as a partner's own websites and mobile apps. For more information, visit audioboom.com.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                Candy Ventures SARL 
     ------------------  ---------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status     Candy Ventures SARL is a person closely associated 
                           with Audioboom Group plc's Non-Executive 
                           Director, Steven Smith who is a person discharging 
                           managerial responsibilities 
     ------------------  ---------------------------------------------------- 
 b)   Initial             Initial notification 
       notification 
       /Amendment 
     ------------------  ---------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                Audioboom Group plc 
     ------------------  ---------------------------------------------------- 
 b)   LEI                 213800QO681575J97813 
     ------------------  ---------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------ 
 a)   Description         Warrants over o rdinary shares of no par 
       of the financial    value 
       instrument, 
       type of 
       instrument          ISIN: JE00B5NFKB77 
       Identification 
       code 
     ------------------  ---------------------------------------------------- 
 b)   Nature of           Grant of Warrants 
       the transaction 
     ------------------  ---------------------------------------------------- 
 c)   Price(s)             Price(s)                     Volume(s) 
       and volume(s)        Exercise price of GBP3.30 
                             per share                   15,625 
                                                        ---------- 
     ------------------  ---------------------------------------------------- 
 d)   Aggregated           N/A 
       information 
       - Aggregated 
       volume 
       - Average 
       Price 
     ------------------  ---------------------------------------------------- 
 e)   Date of             7 December 2020 
       the transaction 
     ------------------  ---------------------------------------------------- 
 f)   Place of            Outside of trading venue - grant of Warrants 
       the transaction 
     ------------------  ---------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                Michael Tobin 
     ------------------  --------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------- 
 a)   Position/status     Non-Executive Chairman 
     ------------------  --------------------------------------------- 
 b)   Initial             Initial notification 
       notification 
       /Amendment 
     ------------------  --------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------- 
 a)   Name                Audioboom Group plc 
     ------------------  --------------------------------------------- 
 b)   LEI                 213800QO681575J97813 
     ------------------  --------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------- 
 a)   Description         Warrants over o rdinary shares of no par 
       of the financial    value 
       instrument, 
       type of 
       instrument          ISIN: JE00B5NFKB77 
       Identification 
       code 
     ------------------  --------------------------------------------- 
 b)   Nature of           Grant of Warrants 
       the transaction 
     ------------------  --------------------------------------------- 
 c)   Price(s)             Price(s)                     Volume(s) 
       and volume(s)        Exercise price of GBP3.30 
                             per share                   15,625 
                                                        ---------- 
     ------------------  --------------------------------------------- 
 d)   Aggregated           N/A 
       information 
       - Aggregated 
       volume 
       - Average 
       Price 
     ------------------  --------------------------------------------- 
 e)   Date of             7 December 2020 
       the transaction 
     ------------------  --------------------------------------------- 
 f)   Place of            Outside of trading venue - grant of Warrants 
       the transaction 
     ------------------  --------------------------------------------- 
 

-S-

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December 08, 2020 02:00 ET (07:00 GMT)