TIDMIME

RNS Number : 4555Y

Immedia Group PLC

13 May 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Thursday, 13 May 2021

Immedia Group Plc

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

multi-media content and digital solutions provider to global businesses

2020 Preliminary Results

Immedia Group Plc (AIM: IME) today announces its preliminary results for the year ended 31 December 2020.

Immedia Group Plc

Preliminary results for the year ended 31 December 2020

 
 FINANCIAL HIGHLIGHTS 
    Ø 43% decrease in revenue to GBP2,310,872 
    Ø Improved EBITDA trading loss of GBP504,510 (2019: loss 
     of GBP699,583) 
     Ø Raised gross proceeds of GBP1.1 million in September 
     2020 to address uncertainty around the 2020 outturn via a placing 
     and subscription at GBP0.10 per share. 
     Ø Since the year end, the Group raised further gross proceeds 
     of GBP3 million via a placing and subscription at GBP0.25 per 
     share 
    Ø Loss before tax of GBP733,181 (2019: loss of GBP991,461) 
    Ø Cash balances increased to GBP464,232 (2019: GBP237,574) 
 
 
 OPERATIONAL HGHLIGHTS 
      Ø The Group undertook a full review in 2020 to refine 
       Group strategy resulting in the adoption of a new unified brand 
       - AVC Immedia - and a single clear message defining the Group's 
       services - Audio Visual Communication for Brands 
       Ø Successful cost restructuring exercise, which will leave 
       the Group well placed for the post-Covid era. 
 
 
 
   2020 Financial Summary 
                                      12 months ended        12 months 
                                          31 December            ended 
                                                 2020      31 December 
                                                                  2019 
                                     ----------------  --------------- 
 Revenue                                 GBP2,310,872     GBP4,020,443 
 Gross Profit                            GBP1,386,048     GBP2,043,498 
 Loss before interest, taxation,         GBP(504,510)     GBP(699,583) 
  depreciation, amortisation and 
  impairment charges (EBITDA) 
 Loss before tax                         GBP(733,181)     GBP(991,461) 
 Net fair value gain on available           GBP42,600        GBP54,900 
  for sale assets 
 Total comprehensive loss for the        GBP(690,581)   GBP(1,017,560) 
  year 
 Basic loss per share                         (5.22)p          (7.81)p 
 Diluted loss per share                       (5.22)p          (7.81)p 
 Year-end balance of cash and cash         GBP464,232       GBP237,574 
  equivalents 
 Net funds/(debt)                          GBP326,098     GBP(245,069) 
-----------------------------------  ----------------  --------------- 
 

Statement by the Chairman, Tim Hipperson

2020 was a year that presented many challenges to our Immedia Broadcast Limited business, and my statement will cover how it addressed those challenges as they arose, but I must also express my excitement to be working towards the possible acquisition of Sprift Technologies Limited, a property tech business, which we believe will be transformational for Immedia Group plc shareholders. The proposed acquisition remains at an early stage and further developments will be announced as appropriate.

In a year that presented truly exceptional challenges, the Group reacted swiftly to address the immediate issues arising from the Covid-19 pandemic, and subsequently prepared meticulously to meet its new objectives in an uncertain economic climate.

Whilst the economic impact of the pandemic has hit the Group and its clients hard, the Group has made significant reductions to its cost base and increased integration across its sites that allow it to better pursue its objectives in 2021 and beyond.

We can look back with pride on the way our team responded to the trials of the pandemic; the talent and commitment of all the team members at Immedia mean that the Group can now position itself for the future on a stable footing. I would like to thank every one of them.

Current Trading, Prospects and Post Balance Sheet Events

Immedia Group

Since year end, the Group raised further gross proceeds of GBP3.0 million via the placing of 10,400,000 new Ordinary Shares at GBP0.25 per share and a subscription for 1,600,000 new Ordinary Shares at GBP0.25 per share. These proceeds will both provide a working capital buffer and make available resources for the Group's buy and build strategy as set out above.

The possible acquisition of Sprift Technologies by the Company would transform the Group into a property tech business, with the likely divestment of the Group's current trading company (Immedia Broadcast Ltd trading as AVC Immedia).

Sprift is a young business in the sector, but is a leader in the next wave of property technology that is projected to deliver significant short and medium-term growth across both the business and consumer marketplace.

Immedia Broadcast Limited

Like the majority of UK businesses, the Immedia Broadcast Limited business has been substantially affected by the Covid-19 pandemic, as explained in the trading updates of 6 April and 18 June 2020. Management have taken all necessary steps to manage costs and ensure the stability of the Immedia Broadcast Limited business.

Current trading remains considerably affected by the Covid-19 outbreak. It is difficult to give authoritative guidance on the 2021 outturn but we expect the uncertain future to present significant opportunities as well as new challenges.

Our overall objective remains to deliver sustained growth and value to all our stakeholders.

Review by the Chief Executive, Ross Penney

THE BUSINESS

2020 began in confident and upbeat fashion as we outperformed the prior year in January and February. Then the pandemic struck and life changed for us all. I am extremely proud of the way the entire team rose to the occasion in transitioning seamlessly from office to home working. I would also like to thank our major clients for agreeing retainer payments which helped cushion the blows of retail closures and delayed or cancelled project work.

2020 was a year of huge change both in the country and in the business. We bade farewell to Immedia founder Bruno Brookes, for whom the description "legendary" seems inadequate. I learned a lot from Bruno in many years working with him and would like to wish him every success in his current endeavours.

We restructured the management team and our processes to deliver even greater cohesion and focus to our clients, and to control our cost base more tightly. Key was an initiative known as "brilliant at the basics" which implemented and reinforced high standards in the fundamentals- communication, information storage and retrieval, project time management and much more.

No less important was a programme of cultural change, reflecting an empowering and people focused environment intended to motivate and support our team members to the highest levels. We are confident that the results of the many changes made in the business in 2020 will bear fruit in the short to medium term.

A common theme for this report is "despite Covid-19" and the following section is very much in that vein. The year brought customer service achievements to celebrate. At the start of 2020, Nationwide Live was focused on entertaining the society's customers when they were in a branch environment. By the end of the year, it had morphed into a radio station that connected up both their customers and their tens of thousands of staff who were working from home. We pivoted the in-branch content to carry important information and some much needed entertainment.

While working at breakneck speed to change Nationwide Live we were also working with our other clients to make sure their services were right for the times. We produced scores of social distancing messages in multiple languages as Health and Safety became the top priority. With rules changing often in Europe it's a testament to our tech and our teams that we were able to reflect changes almost instantly.

Our project business too showed promising activity even in difficult circumstances, with excellent work undertaken for Shell, Weir Oil and Gas, JFD Global, Fugro, Visit Aberdeenshire and Deep Green amongst others.

An objective for the business in 2021 and beyond is to become a dynamic marketer of our products and services; I am delighted that our marketing team under Sophie Gellender has transformed our social media and website presence.

RESULTS

Unsurprisingly given the effect of the Covid pandemic, the business saw a drop in revenues in 2020 to GBP2,310,872 (2019: GBP4,020,443). Despite this, the business reduced the loss before tax for the period to GBP733,181 (2019: loss of GBP991,461). This reflects a successful cost restructuring exercise, which will leave the Group well placed for the post-Covid era.

The total comprehensive loss was GBP690,581 (2019: GBP1,017,560), reflecting an increase in the carrying value of GBP42,600 in our strategic investment in the AIM-quoted spoken word audio platform Audioboom Group PLC (AIM: BOOM).

The EBITDA trading loss was GBP504,510 (2019: loss of GBP699,583).

FUTURE PROSPECTS

The future is uncertain in the wake of the Covid pandemic, but we anticipate that the benefits of the improved processes, cultural transformation, sales and marketing resource, tighter cost base and strengthened balance sheet mean that Immedia Broadcast Limited trading as AVC Immedia is well placed to take on new challenges, and to capitalise on opportunities as they arise.

As announced on 26 March 2021, Immedia Group plc is pursuing the acquisition of Sprift Technologies Limited, which would transform the Group into a property tech business and trigger the likely divestment of Immedia Broadcast Limited. The proposed acquisition remains at an early stage and further developments will be announced as appropriate.

I believe that the Immedia Broadcast Limited business would trade more efficiently as a private company and will lead the business as it explores divestment options.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

for the year ended 31 December 2020

 
                                  2020         2019 
                                   GBP          GBP 
 
 
  Continuing operations 
Revenue                      2,310,872    4,020,443 
Cost of sales                (924,824)  (1,976,945) 
                           -----------  ----------- 
 
Gross profit                 1,386,048    2,043,498 
 
Administrative expenses    (2,126,783)  (2,985,049) 
Other income                    68,127            - 
                           -----------  ----------- 
 
Operating loss               (672,608)    (941,551) 
 
Finance income                     116            - 
Finance cost                  (60,689)     (49,910) 
                           -----------  ----------- 
 
Loss before income tax       (733,181)    (991,461) 
Income tax                           -     (80,999) 
                           -----------  ----------- 
 
Loss for the year            (733,181)  (1,072,460) 
                           -----------  ----------- 
 
Loss per share 
Basic (pence)                   (5.22)       (7.81) 
Diluted (pence)                 (5.22)       (7.81) 
 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

for the year ended 31 December 2020

 
                                                       2020         2019 
                                                        GBP          GBP 
Loss for the year                                 (733,181)  (1,072,460) 
 
Other comprehensive income/(loss) 
 Items that will not be reclassified to profit 
 or loss: 
 
Fair value gain on equity investments not 
 held for trading 
 designated as fair value through OCI                42,600       54,900 
                                                  ---------  ----------- 
 
Total comprehensive loss for the year             (690,581)  (1,017,560) 
                                                  ---------  ----------- 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

 
                                                     2020          2019 
                                                      GBP           GBP 
 Assets 
 Non-current assets 
 Goodwill                                         191,018       191,018 
 Owned 
            Intangible assets                      38,401        62,081 
            Property, plant and equipment         101,500        92,754 
 Right-of-use 
            Property, plant and equipment          74,408       175,428 
 Investments                                      157,500       114,900 
                                                  562,827       636,181 
 
 Current assets 
 Inventories                                      124,094       201,462 
 Trade and other receivables                      575,449     1,049,459 
 Cash and cash equivalents                        464,232       237,574 
                                                1,163,775     1,488,495 
 
 Total assets                                   1,726,602     2,124,676 
 
 Liabilities 
 Non-current liabilities 
 Financial liabilities                           (45,663)      (83,969) 
 Provisions                                      (42,500)      (42,500) 
                                                 (88,163)     (126,469) 
 
 Current Liabilities 
 Trade and other payables                     (1,803,183)   (2,253,590) 
 Contract liabilities                           (145,195)     (145,112) 
 Financial liabilities                           (92,471)     (398,674) 
                                              (2,040,849)   (2,797,376) 
 Total liabilities                            (2,129,012)   (2,923,845) 
 Net liabilities                                (402,410)     (799,169) 
 
 Equity 
 Shareholders' Equity 
 Called up share capital                        2,558,184     1,455,684 
 Share premium                                  3,586,541     3,586,541 
 Merger reserve                                 2,245,333     2,245,333 
 Share based payment reserve                       40,218         4,578 
 Investment valuation reserve                      67,500        24,900 
 Retained losses                              (8,900,186)   (8,116,205) 
 Total equity                                   (402,410)     (799,169) 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                         Share         Share         Merger   Share based    Investment        Retained   Total equity 
                       capital       premium        reserve       payment     valuation          losses 
                                     account                      reserve       reserve 
                                         GBP            GBP                         GBP             GBP            GBP 
                           GBP                                        GBP 
 Balance at 1 
  January 2019       1,455,684     3,586,541      2,245,333         4,578      (30,000)     (7,043,745)        218,391 
                 -------------  ------------  -------------  ------------  ------------  --------------  ------------- 
 Loss for the 
  year                       -             -              -             -             -     (1,072,460)    (1,072,460) 
 Other 
  comprehensive 
  income                     -             -              -             -        54,900               -         54,900 
                 -------------  ------------  -------------  ------------  ------------  --------------  ------------- 
 Total 
  comprehensive 
  loss                       -             -              -             -        54,900     (1,072,460)    (1,017,560) 
                 -------------  ------------  -------------  ------------  ------------  --------------  ------------- 
 Balance at 31 
  December 2019      1,455,684     3,586,541      2,245,333         4,578        24,900     (8,116,205)      (799,169) 
                 =============  ============  =============  ============  ============  ==============  ============= 
 
 
                            Share         Share        Merger      Share   Investment        Retained        Total equity 
                          capital       premium       reserve      based    valuation          losses 
                                        account                  payment      reserve 
                                            GBP           GBP    reserve          GBP             GBP                 GBP 
                              GBP 
                                                                     GBP 
 Balance at 1 
  January 2020          1,455,684     3,586,541     2,245,333      4,578       24,900     (8,116,205)           (799,169) 
                     ------------  ------------  ------------  ---------  -----------  --------------  ------------------ 
 Loss for the year              -             -             -          -            -       (733,181)           (733,181) 
 Other 
  comprehensive 
  income                        -             -             -          -       42,600               -              42,600 
                     ------------  ------------  ------------  ---------  -----------  --------------  ------------------ 
 Total 
  comprehensive 
  loss for the year             -             -             -          -       42,600       (733,181)           (690,581) 
                     ------------  ------------  ------------  ---------  -----------  --------------  ------------------ 
 Transactions with 
 shareholders: 
 Share options 
  exercised                 2,500             -             -          -            -               -               2,500 
 Share-based 
  payments                      -             -             -     35,640            -               -              35,640 
 Shares 
  placed/subscribed     1,100,000             -             -          -            -        (50,800)           1,087,340 
                     ------------  ------------  ------------  ---------  -----------  --------------  ------------------ 
 Total transactions 
  with shareholders     1,102,500             -             -     35,640            -        (50,800)           1,087,340 
 Balance at 31 
  December 2020         2,558,184     3,586,541     2,245,333     40,218       67,500     (8,900,186)           (402,410) 
                     ============  ============  ============  =========  ===========  ==============  ================== 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2020

 
 
                                                2020       2019 
                                                 GBP        GBP 
 
Cash flows from operating activities 
Loss before income tax                     (733,181)  (991,461) 
 
   Adjustments for: 
   Depreciation and amortisation 
    charges                                  168,098    241,968 
   Loss on disposal of fixed assets                -        493 
   Share-based payment charge                 35,640          - 
   Finance income                              (116)          - 
   Finance costs                              60,689     49,910 
   Other                                       (424)          - 
   Decrease / (Increase) in inventories       77,368   (47,547) 
   Decrease / (increase) in trade 
    and other receivables                    475,761  (280,930) 
   (Decrease) / increase in trade 
    and other payables                     (450,323)    765,370 
 
Cash used in operations                    (366,488)  (262,197) 
                                           ---------  --------- 
 
Taxation 
   Taxation                                        -      3,396 
                                           ---------  --------- 
 
Cash flows from investing activities 
   Purchase of tangible fixed assets        (52,145)   (30,896) 
   Interest received                             116          - 
 
Net cash from investing activities          (52,029)   (30,896) 
                                           ---------  --------- 
 
Cash flows from financing activities 
   New loans in year                          50,000    300,000 
   Loan principal repaid                   (300,000)          - 
   Share issue                             1,100,000          - 
   Costs of share issue                     (50,800)          - 
   Exercise of share options                   2,500          - 
   Repayment of lease liabilities          (111,208)   (92,517) 
   Interest paid                            (45,317)   (49,910) 
Net cash from financing activities           645,175    157,573 
                                           ---------  --------- 
 
   Increase / (Decrease) in cash 
    and cash equivalents                     226,658  (132,124) 
   Cash and cash equivalents at 
    beginning of year                        237,574    369,698 
 
Cash and cash equivalents at 
 end of year                                 464,232    237,574 
                                           =========  ========= 
 

Immedia Group Plc

NOTES TO THE FINANCIAL INFORMATION

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.

The financial information for the year ended 31 December 2019 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and included a reference by way of emphasis to the impact of Covid-19 on the Group.

The statutory accounts for the year ended 31 December 2020 have not yet been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.

The 2020 accounts will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

The Annual Report and Notice of Annual General Meeting will be posted to the shareholders shortly and will be made available on the Company's website ( www.immediaplc.com ) at that time.

This preliminary announcement was approved by the Board on 12 May 2021.

1. Principal activity

The Group is involved in marketing and communication services through the provision of interactive digital channels products and services using music, radio and screen-based media to provide brand conversation, engaging entertainment and innovative technical solutions. It also supplies, installs and maintains the equipment required to deliver these services.

2. Basis of preparation

The financial information has been prepared and approved by the Directors in accordance with the recognition and measurement principals of International Financial Reporting Standards (IFRSs) in conformity with the requirements of the Companies Act 2006.

Going concern

The Group is pursuing the acquisition of Sprift Technologies Limited, which would transform the Group into a property tech business and trigger the likely divestment of Immedia Broadcast Limited. For that transaction to proceed a working capital report will be prepared and independent comfort obtained from reporting accountants. If comfort that the Group has sufficient working capital for a period of at least 12 months from the date of the completion of acquisition and divestment is not obtained, then the Board will not proceed with the transaction.

Currently the Group meets its day to day working capital requirements through the combined use of its cash balances and receivable and payable balances.

Although Covid-19 and Brexit have caused uncertainty and had a substantial effect on the operations of many businesses, with the ultimate impact remaining uncertain, the Group completed a successful fundraising of GBP1.1 million in September 2020, and a subsequent equity cash raise of GBP3.0 million in February 2021. These combined funds have been used to repay some short-term borrowing (an outstanding loan of GBP300,000), clear the costs of the aborted acquisition from earlier in 2020 and fund working capital requirements.

The Directors have reviewed forecasts of future cash flows of the Group as currently constituted. On the basis of current financial projections prepared to June 2022, which assume continuing improvements in the managing of costs, no acceleration in the settlement of major liabilities and a reasonable level of new work won within the AV division, the Directors are satisfied that the Group has adequate resources to continue to pay its liabilities as they fall due in the year ahead, including some headroom to deal with possible shortfalls against expectations judged reasonable. The Directors have also considered whether that headroom would be adequate to deal with any reasonable abortive costs associated with the transactions relating to the possible acquisition of Sprift Technologies Limited should that transaction not proceed and consider it adequate.

Accordingly, whether or not the transactions to change the make up of the Group are completed, the Directors believe there is reasonable assurance that the Group has adequate resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing of the financial statements, and continue to adopt the going concern assumption.

3. Financial assets

All financial assets are subject to review for impairment at least at each reporting date to identify whether there is any objective evidence that a financial asset or a group of financial assets is impaired.

An impairment loss in respect of goodwill is not subsequently reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

In March 2014 the Group invested GBP90,000 in the purchase of 6,000,000 shares in AudioBoom Group Plc, an AIM-listed spoken-word audio platform for hosting distributing and monetising content, as part of the Group's strategy to broaden its digital marketing and communications services.

The Group has taken the irrevocable election to classify this investment as fair value through OCI. At 31 December 2020 the fair value of the investment was GBP157,500 (2019: GBP114,900) with a net fair value surplus in 2020 of GBP42,600 recognised in other comprehensive income (2019: surplus of GBP54,900).

As at the date of approval of this report, the investment represents c.0.5% of Audioboom Group Plc's ordinary shares in issue and has a fair value of GBP355,200.

4 . Earnings per share

 
                                                           2020          2019 
 
 Basic 
 Weighted average number of shares in issue          14,882,460    14,556,844 
 Less weighted average number of own shares           (832,374)     (832,374) 
                                                   ------------  ------------ 
 
 Weighted average number of shares in issue 
  for basic earnings per share                       14,050,086    13,724,470 
                                                   ------------  ------------ 
 
 
 Basic loss per share                                   (5.22)p       (7.81)p 
 
                                                           2020          2019 
 Diluted 
 Weighted average number of shares in issue          14,050,086    13,724,470 
 Add shares which dilute                                      -             - 
                                                   ------------  ------------ 
 
 Weighted average number of shares in issue 
  for diluted earnings per share                     14,050,086    13,724,470 
                                                   ------------  ------------ 
 
 
 Diluted loss per share                                 (5.22)p       (7.81)p 
                                                   ------------  ------------ 
 
 The basic and diluted loss per share are calculated using the after-tax 
  loss attributable to equity shareholders for the financial period 
  for 2020 of GBP733,141 (2019: loss of GBP1,072,460). 
 
  In accordance with IAS 33 the diluted earnings/(loss) per share 
  is stated at the same amount in both 2020 and 2019 as basic as 
  there is no dilutive effect. 
 

5. Events after the reporting period

Following the year ended 31 December 2020, the following non-adjusting events have occurred:

Additional share issue

On 2 February 2021, the Group raised GBP3 million through placing and subscription of shares.

Under the Placing, 10,400,000 Placing Shares were placed with investors at GBP0.25 per Placing Share. Mark Horrocks (and his related family interests) subscribed for 1,600,000 Subscription Shares at GBP0.25 per Subscription Share.

The new capital was introduced to enable the Group to increase working capital and to progress any opportunities to acquire compatible businesses in the content creation/distribution and data analytics spaces as part of its buy and build strategy.

The stock market announcement can be found at https://www.londonstockexchange.com/news-article/IME/placing-and-subscription-to-raise-ps3-million/14819069 .

Change of business purpose

On 26 March 2021, the Board announced that the Company had entered into non-binding heads of agreement to work towards the possible acquisition of Sprift Technologies Ltd ("Sprift") a property data specialist, by the Company. Should the transaction proceed on the currently envisaged terms, it would be classified as a reverse takeover in accordance with the AIM Rules for Companies ("RTO"). Accordingly, the Company's shares were suspended from trading on AIM with and will remain so until either the publication of an admission document setting out details of the proposed RTO or until confirmation is given that these discussions have ceased.

The proposed RTO remains subject to contract and satisfactory completion of the necessary due diligence and, at this stage, there is no guarantee that the proposed RTO will complete.

Loan to Sprift

The Company has entered into a secured loan agreement ("Loan Agreement") with Sprift, to lend it up to GBP900,000 in three equal instalments over the next three months.

The Company has agreed to provide Sprift with a secured loan facility of GBP900,000 ("Loan") for working capital purposes. Subject to certain conditions precedent, the Company will make the Loan in three equal tranches, the first GBP300,000 on 26 March 2021, the second on 23 April 2021 and the third tranche on 21 May 2021. The Loan is interest free, unless either party withdraws from negotiations in relation to the proposed RTO, in which case the amount of the Loan outstanding at that time would become repayable in full in 12 months from the withdrawal from negotiations and attract interest at a rate of 15 per cent. per annum, which is payable monthly. 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.

At the same time the Board also declared that it is exploring divestment options for Immedia Broadcast Limited. The proposed disposal would require shareholder approval under AIM Rule 15 and the Company will make further announcements as appropriate. As the Board had not committed to a plan to sell Immedia Broadcast Limited as at 31 December 2020, the performance of Immedia Broadcast Limited has not been treated as a "discontinued activity" and has not been treated as "assets held for sale" under IFRS 5 for the purpose of these accounts.

The stock market announcement can be found at https://www.londonstockexchange.com/news-article/IME/loan-agreement-suspension-of-trading/14914698 .

The Company has determined that the additional share issue and the change in business purpose/loan to Sprift are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 December 2020 have not been adjusted to reflect their impact.

 
 For further information please contact: 
 Immedia Group Plc                                 Tel: +44 (0) 1635 556200 
  Tim Hipperson, Non-executive Chairman 
  Ross Penney , C hief Executive 
 SPARK Advisory Partners Limited                   Tel: +44 (0) 203 368 3550 
  (Nomad) 
  Mark Brady 
  Neil Baldwin 
 SP Angel Corporate Finance LLP (Stockbroker)      Tel: +44 (0) 207 470 0470 
  Abigail Wayne 
 TooleyStreet 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 and organisations, who are investing in internal and/or brand communications.

Our business provides a wide range of 'live' branded channels specifically to retail locations across the UK and Europe with an estimated listening audience of 8.5 million listeners per week. Immedia's interactive audio channels deliver original and relevant content, via its own DreamStream-X platform with encrypted Dreamstream technology deployed in each location. Dreamstream-X provides a mix of 'on brand' national and localised content to a client's workforce and customer base. Each channel is supported with powerful data analytics tools which monitor audience activity and provide data to enable us to further enhance audience engagement.

Immedia Group also creates original video content, 3D animation, app and web development, as well as supplying and installing Audio Visual equipment.

Immedia clients include HSBC, Shell, Subway, BP, Nationwide Building Society, JD Sports, BMW, IKEA and FIFA.

   To read more about our business, visit www.immediaplc.com   or email us on enquiries@immediaplc.com 

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END

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May 13, 2021 02:00 ET (06:00 GMT)

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