Immedia Group PLC Trading Update, Warrant Extension, Sprift Loan (2706W)
21 Diciembre 2021 - 01:00AM
UK Regulatory
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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