TIDMIME

RNS Number : 2706W

Immedia Group PLC

21 December 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.

21 December 2021

For immediate release

Immedia Group Plc

("Immedia" or "the Company" or "the Group")

Trading Update, Contract Renewal, Warrant Extension, Sprift Loan

Immedia ( AIM: IME), a supplier of multi-media content and digital solutions for leading brands and global businesses announces the updates below.

Trading Update and Contract Extension

Immedia Group plc CEO Ross Penney comments as follows:

"In the statement accompanying the unaudited Half Year results released on 31 August 2021 I alluded to a significantly improved outlook for H2 2021. I am pleased to confirm that this has proved to be the case.

September and October 2021 have been two of the best trading months in the Company's history, helped hugely by the creative content and AV installation work done for participants at COP26 in Glasgow. Whilst much of this is one-off project work, we have seen a renewal in demand across all sectors - audio, creative, video production and installation.

Business and market confidence has improved, however it is gratifying that the improved performance of the business has been facilitated by the numerous improvements in culture, structure and processes implemented over the last 18 months.

Lastly, I am delighted that the Company has renewed its contract with IKEA Limited for a further three years. I am very proud that by the end of the contract term we will have served IKEA for 20 years. The Company provides music and audio production and distribution services to IKEA stores in the United Kingdom and Republic of Ireland. We look forward to further developing our excellent relationship with IKEA in the years to come.

The Board remains of the view that the Group's main trading subsidiary, Immedia Broadcast Limited, would trade more efficiently as a private company and therefore continues to explore divestment options. Any proposed disposal would require shareholders' approval under AIM Rule 15."

Warrant Extension

On 8 January 2021, pursuant to a placing and subscription to raise GBP3 million, the Company announced the issue of 12,000,000 new warrants, exercisable at a price of 35 pence for a period of 12 months from admission, subsequently announced as 8 February 2021. In order to maintain the Company's access to capital and enable the Company to assess and complete potential corporate actions in a timely manner the Board has agreed to extend the final exercise date of the warrants to 30 June 2022 or, if the Company publishes an Admission Document prior to 30 June 2022 relating to a reverse takeover, the Business Day falling two Business Days prior to the date of the General Meeting relating to the reverse takeover. As part of the fundraising, Mark Horrocks subscribed for 1,600,000 subscription shares (and so received 1,600,000 new warrants). As Mark Horrocks is a Director and substantial shareholder, any extension of the new warrants would be a related party transaction pursuant to AIM Rule 13. The directors, other than Mark Horrocks, having consulted with the Company's nominated adviser believe that the terms of the new warrant extension are fair and reasonable insofar as shareholders are concerned.

Sprift Loan

On 15 July 2021 the Company entered into a cost recovery agreement with Sprift Technologies Limited ("Sprift"). Driven largely by consecutive monthly growth in Estate Agent subscriptions and the provision of property data APIs, Sprift Technologies generated revenue growth of circa 100% in the eight months ended 30 September 2021 compared to the equivalent period last year. In the interest of facilitating further growth of the Borrower, the Company has entered a revised facility agreement ("Facility Agreement") with Sprift and Mark Horrocks that increases the facility size from GBP1.05m to GBP2.55m, defines equity conversion terms in the event of defined liquidity events and sets out board participation rights. No further funding will be provided by the Company under this agreement. Mark Horrocks is a party to the Facility Agreement and as such this is a related party transaction pursuant to AIM Rule 13. The directors independent of the Facility Agreement, having consulted with the Company's nominated adviser, believe that the terms of the Facility Agreement are fair and reasonable insofar as shareholders are concerned.

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.

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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December 21, 2021 02:00 ET (07:00 GMT)

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