Immedia Group PLC Proposed Acquisition Update (5167Z)
24 Mayo 2021 - 1:00AM
UK Regulatory
TIDMIME
RNS Number : 5167Z
Immedia Group PLC
24 May 2021
24 May 2021
For immediate release
Immedia Group Plc
("Immedia" or "the Company" or "the Group")
Proposed Acquisition Update
Immedia ( AIM: IME), a supplier of multi-media content and
digital solutions for leading brands and global businesses,
announces an update on its proposed acquisition of Sprift
Technologies Ltd ("Sprift").
The Company, and its advisers, are continuing to make good
progress with their due diligence enquiries into Sprift. The
Directors also note the recent announcement, made by OnTheMarket
plc (AIM: OTMP, a leading UK residential property portal provider)
on 13 May 2021, that it had entered into a commercial partnership
arrangement with Sprift (
https://www.londonstockexchange.com/news-article/OTMP/commercial-partnership-with-sprift-technologies/14974890
).
As the Company announced on 26 March 2021, should the
acquisition of Sprift 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
will remain suspended from trading on AIM until either the
publication of an admission document setting out, inter alia,
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.
Immedia also agreed to provide Sprift with a secured loan
facility of GBP900,000 ("Loan") for working capital purposes in
three equal tranches; the third tranche of GBP300,000 was due to be
paid to Sprift on 21 May 2021. As this money is not yet required,
the Company has agreed to defer the payment of this tranche until
Sprift request it; all other terms of the Loan Agreement remain
unchanged.
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 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 .
About Sprift Technologies Ltd
Sprift Technologies Limited was e stablished in 2016 and offers
a comprehensive source of data on UK properties www.Sprift.com
.
Through providing this data to all professionals in the
home-buying supply chain, Sprift is enabling its core mission to
better inform buyers and property professionals and ultimately,
reduce the time it takes to complete a house sale and the number of
home transactions that do not complete.
The Sprift dashboard contains instant, comprehensive data on any
UK residential property. The data is made available to any property
professional to share with their clients, either through an online
dashboard or fully white-labelled vendor and buyer reports.
Sprift is currently rated in the Exceptional category for
Supplier to the Industry in the Estate Agency industry's most
coveted awards EA Masters and has recently won an award for
Innovation and Marketing.
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