Audioboom Group PLC Further re SONR Acquisition (9890B)

TIDMBOOM

RNS Number : 9890B

Audioboom Group PLC

10 April 2017

10 April 2017

Audioboom Group plc

("Audioboom" or the "Company")

Further re SONR Acquisition

Further to the announcements of 25 January, 1 February and 25 February 2017 regarding the acquisition of SONR News Limited ("SONR"), the Company announces that it has completed the exercise of the squeeze-out rights available to it under section 979 of the Companies Act 2006 ("Act") to acquire, on a compulsory basis, the remaining balance of the issued share capital of SONR ("Remaining Shares").

In accordance with the provisions of the Act, the remaining 1,943,705 Consideration Shares will be allotted and issued to SONR which will hold the Consideration Shares on trust for the transferees of the Remaining Shares until such time as they are transferred to such transferees. It is expected that the 1,943,705 Consideration Shares will be admitted to trading on AIM at 8.00 am on 13 April 2017.

The Consideration Shares will, when issued, rank pari passu with all other Ordinary Shares in issue.

On admission of the 1,943,705 Consideration Shares to trading on AIM on 13 April 2017, the Company's issued share capital will comprise 918,495,394 ordinary shares of no par value. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise defined in this announcement, capitalised terms used in this announcement have the same meaning as that prescribed to them in the announcement of 25 January 2017.

Enquiries:

 
                                       [phone] 
 Audioboom Group plc                    6688 
 Rob Proctor, Chief Executive 
  Officer 
 David McDonagh, Chief Financial 
  Officer 
 
 Allenby Capital Limited (Nominated    [phone] 
  adviser and broker)                   6433 
 David Hart/James Thomas/Asha 
  Chotai 
 
                                       [phone] 
 Walbrook PR Ltd (PR & IR Advisors)     8780 
 Paul Cornelius/ Sam Allen             or [e-mail] 
 

About Audioboom

Audioboom is the leading spoken--word audio platform for hosting, distributing and monetising content.

Audioboom works with more than 3,000 active broadcasters, content creators and podcasters around the world -- including Cumulus, the BBC, NewsCorp, Associated Press, NBC Sports Radio, Undisclosed and Global -- hosting more than 10,000 content channels.

Audioboom's hosting and distribution platform allows partners to embed, share via social channels and re--syndicate their content. Audioboom content receives approximately 50m unique file requests per month, and growing. Additionally, Audioboom works with its partners to monetise their audio via live in--reads, the dynamic insertion of pre and post roll audio adverts, and video ads.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 10, 2017 02:00 ET (06:00 GMT)