Business
Statement re Online Commentary
Statement re Online Commentary.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n \nRNS Number : 1701X Audioboom Group PLC 26 April 2019 \n\nThe 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.\n26 April 2019\nAudioboom Group plc\n(\"Audioboom\", the \"Group\" or the \"Company\")\nStatement re Online Commentary on proposed fundraising\nThe Directors of Audioboom note the recent online commentary regarding a proposed equity fundraising by the Company. \nThe 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 £5 million of new capital. \nIt 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. \nIn 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. \nThere 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. \nA further announcement will be made in due course.\nEnquiries\n\n\n\nAu...