###
31 August 2018

Proposed Fundraise of a minimum of £7.9 million

One Media IP Group plc is pleased to announce a proposed Placing and Subscription to raise a minimum of £1.9 million of new equity capital at an issue price of 6 pence per new Ordinary Share, and the proposed issue of up to £6 million of Loan Notes.

The Placing will be conducted by way of an accelerated bookbuild, which will be launched immediately following this announcement. The total number of New Ordinary Shares will be determined following the Bookbuild. Panmure Gordon is acting as sole broker to the Company in connection with the Bookbuild.

Highlights

Placing – the Placing is being conducted by way of an accelerated bookbuild exercise, to raise a minimum of £1.9 million.

Placing Price – The placing price of 6 pence per New Ordinary Share represents a premium of 240 per cent. to the price of 2.5 pence per Ordinary Share at which Lord Michael Grade and Ivan Dunleavy first invested in the Company in December 2017.

Debt – Debt funding of up to £6 million (gross) in unsecured fixed rate loan notes is to be provided by BGF. The Loan Notes will be split into three tranches of £1.9 million, £2.325 million and £1.775 million respectively. Tranche 1 will be drawn down immediately on Admission. Tranches 2 and 3 will be available for draw down for a period of 24 months from 30 August 2018, subject to certain conditions being satisfied, including the granting of approval to the draw down by BGF’s internal investment committee.

Use of Proceeds – The Company intends that the net proceeds from the equity fundraise and the issue of the Loan Notes will be used to acquire music publishing rights, artist recordings and songwriters’ rights.

The Bookbuild is expected to close no later than 4.30 p.m. (London time) on 31 August 2018. The timing of the closing of the Bookbuild and the final number and allocation of the Placing Shares to be issued at the Placing Price are to be determined at the discretion of the Company and Panmure Gordon.

The allotment of the New Ordinary Shares is conditional, inter alia, upon the Company obtaining approval of the Shareholders at an extraordinary general meeting of the Company to be convened for 11.00 a.m. on 19 September 2018 to grant the Directors the authority to allot the New Ordinary Shares and to dis-apply statutory pre-emption rights which would otherwise apply to such allotment.

Following the close of the Bookbuild, a further announcement will be made confirming final details of the Placing and the Subscription.

The EGM is expected to be convened for 11.00 a.m. on 19 September 2018 and will take place at the offices of the Company’s solicitors, Reed Smith LLP at The Broadgate Tower, 20 Primrose Street, London EC2A 2RS.

This message is only visible to admins.
Problem displaying Facebook posts.
Click to show error
Error: Error validating access token: The session has been invalidated because the user changed their password or Facebook has changed the session for security reasons. Type: OAuthException Subcode: 460

GET IN TOUCH WITH ONE MEDIA iP

TALK TO US

HOME  |  ABOUT  |  NEWS  |  TEAM  |  SITE MAP

FOLLOW US

MESSAGE US



One Media iP Audio & Video Distributes On:

YouTube logo
YouTube Red icon
Spotify icon
Apple iTunes icon
Google Play icon
Amazon Music icon
Vevo icon
Slacker Radio icon
Boundee icon
Media Net icon
Pandora tash
Monstar Lab icon
24-7 icon
Juno Records icon
NMusic icon
Neurotic Media
Turk Telekom icon
Tidal icon
Telecom Italia icon
Sound Exchange icon
PRS for Music icon
Napster icon
AMI icon
AWA icon
Juno Records icon
Top