Immedia Group PLC Termination of talks & lifting of suspension (2907F)
15 Julio 2021 - 01:00AM
UK Regulatory
TIDMIME
RNS Number : 2907F
Immedia Group PLC
15 July 2021
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 (as in force in the
United Kingdom pursuant to the European Union (Withdrawal) Act
2018). Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
15 July 2021
For immediate release
Immedia Group Plc
("Immedia" or "the Company" or "the Group")
Termination of talks with Sprift Technologies Ltd and lifting of
suspension of trading on AIM
Update on the Proposed Disposal of Immedia Broadcast Limited
Immedia ( AIM: IME), a supplier of multi-media content and
digital solutions for leading brands and global businesses
announces that, following the Company's announcement on 26 March
2021, the Company has terminated talks with Sprift Technologies Ltd
("Sprift") with immediate effect.
As this proposed acquisition, on the terms envisaged, would have
been classified as a reverse takeover ("RTO") in accordance with
the AIM Rules for Companies, the Company's shares were suspended
from trading on AIM with effect from 7.30 a.m. on 26 March 2021. As
a result of due diligence and subsequent valuation discussions the
negotiations have now been terminated and the Company has requested
the suspension of trading in its shares to be lifted with effect
from 7.30 a.m. on 15 July 2021.
Secured Loan
As previously announced, Immedia agreed to provide Sprift with a
secured loan facility of up to GBP900,000 ("Loan") for working
capital purposes in three tranches, which has now been drawn in
full. As Immedia has withdrawn from negotiations in relation to the
proposed RTO, the Loan has become repayable, in full, in 12 months
from the withdrawal from negotiations and will attract interest at
a rate of 15 per cent. per annum, which is payable monthly. The
Company is negotiating with Sprift for the recovery of costs of up
to GBP150,000, which would be added to the amount owed to Immedia
in respect of the Loan, on the same terms. The Directors currently
believe that Sprift will be able to repay the Loan in accordance
with its terms, but this may be dependent on its future trading
performance and its ability to secure additional working capital
funding as and when required. The Loan is secured by a debenture
containing fixed and floating charges over Sprift's business and
assets, granted by Sprift in favour of Immedia.
Following drawdown of the Loan, the Company has net cash
available, at 30 June 2021, of approximately GBP2.09 million.
Immedia Broadcast Limited
In light of the above developments and improved trading
conditions the Board continues to consider divestment options for
its main trading subsidiary, Immedia Broadcast Limited. Any
proposed disposal would require shareholders' approval under AIM
Rule 15.
A detailed trading update will be provided as part of the
Interim Results and further announcements will be made as
appropriate.
Ends
For further information please contact:
Immedia Group Plc Tel: +44 (0) 1635 556200
Tim Hipperson, Non-executive Chairman
Ross Penney, Chief Executive
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady
Neil Baldwin
SP Angel Corporate Finance LLP (Broker) Tel: +44 (0) 207 470 0470
Abigail Wayne
Tooley Street Communications (IR & Tel: +44 (0) 7785 703523
media relations)
Fiona Tooley
About Immedia Group Plc
Immedia Group Plc is a multi-media content and digital solutions
provider to global businesses delivering audio visual communication
services for brands.
The business provides 'live' branded channels to retail
locations across the UK and Europe. Immedia's interactive audio
channels deliver targeted original content via its own
DreamStream-X platform with encrypted Dreamstream technology
deployed in each location. Each channel is supported with powerful
data analytics tools that monitor audience activity and provide
data to enable Immedia to further enhance audience engagement.
In addition, Immedia creates original audio production and video
content as well as 3D animation and the supply, installation and
maintenance of audio visual equipment.
Immedia clients include Shell, Subway, BP, Nationwide Building
Society, JD Sports, Weir, BMW, IKEA, and FIFA.
To read more about the business, visit www.immediaplc.com or
email us on enquiries@immediaplc.com
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