7digital Group PLC Publication and posting of the Scheme Document (4181R)

TIDM7DIG

RNS Number : 4181R

7digital Group PLC

01 March 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION .

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO . 596/2014 (AS INCORPORATED INTO UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMED BY VIRTUE OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019) . UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN .

For immediate release

1 March 2023

RECOMMED CASH OFFER

for

7DIGITAL GROUP PLC ( "7DIGITAL")

by

SONGTRADR, INC. ( "SONGTRADR")

TO BE IMPLEMENTED BY MEANS OF A SCHEME OF ARRANGEMENT

UNDER PART 26 OF THE COMPANIES ACT 2006

Publication and posting of the Scheme Document

On 8 February 2023, the boards of directors of 7digital and Songtradr announced that they had reached agreement on the terms of a recommended cash offer to be made by Songtradr for the entire issued and to be issued ordinary share capital of 7digital (the "Offer").

It was also announced that the Offer would be effected by means of a Court-sanctioned scheme of arrangement between 7digital and its shareholders under Part 26 of the Companies Act 2006 (the "Scheme") and be subject to the terms and conditions set out in the scheme document relating to the Offer (the "Scheme Document").

7digital and Songtradr are pleased to announce that the Scheme Document, together with the related Forms of Proxy, are today being posted, or made available, to 7digital Shareholders and, for information purposes only, to persons with information rights, those holding options over 7digital Shares and the holder of the Warrants. The Scheme Document contains, amongst other things, a letter from the Chairman of 7digital, the full terms and conditions of the Scheme and the Offer, an explanatory statement in compliance with section 897 of the Companies Act 2006, formal notices convening the Court Meeting and the General Meeting, an expected timetable of principal events and details of the action to be taken by 7digital Shareholders. 7digital Shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Offer.

Copies of this announcement and the Scheme Document, together with information incorporated into it by reference to external sources, and the proposals being made to holders of Options and the holder of the Warrants, will be available free of charge (subject to certain restrictions relating to persons in certain overseas jurisdictions) on 7digital's website at: https://www.7digital.com/investors/ and on Songtradr's website at: https://www.songtradr.com/investors/ from no later than 12 noon (London time) on 2 March 2023 up to and including the Effective Date. The contents of these websites are not incorporated into, and do not form part of, this announcement.

Unless otherwise defined herein, all capitalised terms used in this announcement shall have the meanings given to them in the Scheme Document.

Notices of the Court Meeting and General Meeting

As described in the Scheme Document, in order to become Effective, the Scheme requires, among other things: (i) the approval by a majority in number of Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy, at the Court Meeting, representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders present and voting at the Court Meeting (or any adjournment thereof); and (ii) 7digital Shareholders passing the Special Resolution to be proposed at the General Meeting. The Scheme must also be sanctioned by the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.

Notices of the Court Meeting and the General Meeting, which will each be held at the offices of Charles Russell Speechlys LLP at 5 Fleet Place, London EC4M 7RD on Thursday, 23 March 2023 are set out in the Scheme Document. The Court Meeting is expected to start at 10.00 a.m. (and the General Meeting at 10.15 a.m. or as soon thereafter as the Court Meeting is concluded or adjourned).

The 7digital Directors, who have been so advised by Strand Hanson Limited ( " Strand Hanson " ), the Company's financial adviser, as to the financial terms of the Offer, consider the terms of the Offer to be fair and reasonable . In providing its advice to the 7digital Directors, Strand Hanson has taken into account the commercial assessments of the 7digital Directors . Strand Hanson is providing independent financial advice to the 7digital Directors for the purposes of Rule 3 of the Takeover Code . In addition, the 7digital Directors consider that the Offer is in the best interests of 7digital and the 7digital Shareholders as a whole .

Accordingly, the 7digital Directors unanimously recommend that Scheme Shareholders vote or procure votes in favour of the Scheme at the Court Meeting and that 7digital Shareholders vote or procure votes in favour of the Special Resolution to be proposed at the General Meeting, as the 7digital Directors who currently hold or control 7digital Shares have irrevocably undertaken so to do (or procure to be done) in respect of their own beneficial shareholdings (or the shareholdings they control), amounting, in aggregate, to 1,190,557,434 7digital Shares (representing approximately 43.74 per cent. of the existing issued ordinary share capital of 7digital and approximately 48.89 per cent. of the Scheme Shares on the Latest Practicable Date).

IT IS IMPORTANT THAT, FOR THE COURT MEETING, AS MANY VOTES AS POSSIBLE ARE CAST SO THAT THE COURT MAY BE SATISFIED THAT THERE IS A FAIR AND REASONABLE REPRESENTATION OF SCHEME SHAREHOLDERS' OPINIONS . SHAREHOLDERS ARE THEREFORE STRONGLY URGED TO COMPLETE, SIGN AND RETURN THEIR FORMS OF PROXY OR APPOINT THEIR PROXIES ONLINE VIA THE RECEIVING AGENT'S WEBSITE OR APPOINT THEIR PROXIES THROUGH THE CREST PROXY APPOINTMENT SERVICE (AS APPROPRIATE) AS SOON AS POSSIBLE .

Timetable

The Scheme Document contains an expected timetable of principal events relating to the Scheme, which is also set out in the Appendix to this announcement. Subject to obtaining the requisite approval of Scheme Shareholders at the Court Meeting and 7digital Shareholders at the General Meeting, the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions (as set out in the Scheme Document), the Scheme is expected to become Effective on 30 March 2023.

The last day of dealings in, and for registrations of transfers of, 7digital Shares (other than the registration of the transfer of the Scheme Shares to Songtradr pursuant to the Scheme) on AIM is expected to be on 29 March 2023 and no transfers will be registered after the Scheme Record Time, which is expected to be 6.00 p.m. on 29 March 2023. It is also intended that dealings in 7digital Shares will be suspended with effect from 7.30 a.m. on 30 March 2023. 7digital has also made an application to AIM for the cancellation of the admission to trading of 7digital Shares on AIM, which is expected to take effect at 7.00 a.m. on 31 March 2023.

The dates and times given above are indicative only and are based on 7digital's current expectations and may be subject to change. If any of the expected times and/or dates set out in the timetable change, 7digital will give notice of the revised times and/or dates to 7digital Shareholders by issuing an announcement through a Regulatory Information Service. Such announcement will also be made available on 7digital's website at: https://www.7digital.com/investors/ .

Shareholder Helpline

If shareholders have any questions relating to the Scheme Document (or any information incorporated by reference into such document), the Meetings or the completion and return of the Forms of Proxy, they should telephone Neville Registrars on 0121 585 1131 from within the UK or on [phone] if calling from outside the UK. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. and 5.00 p.m. UK time, Monday to Friday excluding public holidays in England and Wales. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Offer nor give any financial, legal or tax advice.

Enquiries :

7digital c/o [phone]

Paul Langworthy, CEO

Strand Hanson Limited (Financial Adviser and [phone]

Nominated Adviser to 7digital)

James Dance

Matthew Chandler

Richard Johnson

James Harris

Gracechurch Group (Financial PR to 7digital ) [phone]

Harry Chathli

Claire Norbury

Songtradr [phone]

Paul Wiltshire, CEO

Liberum Capital Limited (Financial Adviser to Songtradr) [phone]

Tim Medak

Kate Bannatyne

Cara Murphy

Further information

Liberum Capital Limited ("Liberum"), which is authorised and regulated in the UK by the FCA, is acting as financial adviser to Songtradr and no-one else in connection with the Offer and other matters described in this announcement and will not be responsible to anyone other than Songtradr for providing the protections afforded to clients of Liberum nor for providing advice in connection with the Offer and other matters referred to herein. Neither Liberum nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Liberum in connection with this announcement, any statement contained herein, the Offer or otherwise.

Strand Hanson Limited ("Strand Hanson"), which is authorised and regulated in the UK by the FCA, is acting as nominated adviser and financial adviser to 7digital and no one else in connection with the Offer and other matters described in this announcement and will not be responsible to anyone other than 7digital for providing the protections afforded to clients of Strand Hanson nor for providing advice in connection with the Offer and other matters referred to herein. Neither Strand Hanson nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Strand Hanson in connection with this announcement, any statement contained herein, the Offer or otherwise.

This announcement is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities of 7digital in any jurisdiction in contravention of applicable law. The Offer is being implemented solely by means of the Scheme Document (or, if the Offer is implemented by way of a Takeover Offer, the Offer Document) which contains the full terms and conditions of the Offer including details of how to vote in respect of the Offer. Any vote in respect of the Scheme or other response in relation to the Offer should be made only on the basis of the information contained in the Scheme Document. This announcement does not constitute a prospectus, prospectus equivalent document or an exempted document.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser in the relevant jurisdiction .

Overseas Shareholders

The release, publication or distribution of this announcement in or into jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the UK should inform themselves of, and observe, any applicable legal or regulatory requirements. Any failure to comply with such requirements may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person. This announcement has been prepared in accordance and for the purpose of complying with English law, the Takeover Code, the AIM Rules, the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside of England.

The availability of the Offer to 7digital Shareholders who are not resident in and citizens of the UK may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in the UK should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. In particular, the ability of persons who are not resident in the United Kingdom to vote their 7digital Shares with respect to the Scheme at the Court Meeting, or to appoint another person as proxy to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Songtradr or required by the Takeover Code, and permitted by applicable law and regulation, the Offer will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Scheme by any such use, means, instrumentality or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Copies of this announcement and any formal documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Offer.

Further details in relation to Overseas Shareholders are contained in the Scheme Document.

Notice to US investors in 7digital

The Offer relates to the shares of an English company and is being made by means of a scheme of arrangement provided for under English company law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer or proxy solicitation rules under the US Exchange Act. Accordingly, the Offer is subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement which differ from the disclosure requirements of the US tender offer and proxy solicitation rules. The financial information included in the Scheme Document has been prepared in accordance with generally accepted accounting principles of the United Kingdom and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.

It may be difficult for US holders of 7digital Shares to enforce their rights and any claim arising out of the US federal laws, since 7digital is located in a non-US jurisdiction, and some or all of 7digital's officers and directors may be residents of a non-US jurisdiction. US holders of 7digital Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgement.

To the extent permitted by applicable law, in accordance with normal UK market practice and pursuant to Rule 14e-5(b) of the US Exchange Act, Songtradr, or its nominees or brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, 7digital Shares outside of the US, other than pursuant to the Offer, until the date on which the Offer becomes Effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices.

US 7digital Shareholders also should be aware that the transaction contemplated herein may have tax consequences in the US and, that such consequences, if any, are not described herein. US 7digital Shareholders are urged to consult with legal, tax and financial advisers in connection with making a decision regarding this transaction.

Cautionary note regarding forward-looking statements

This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Offer, and other information published by Songtradr and 7digital contain statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Songtradr and 7digital about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

The forward-looking statements contained in this announcement include statements relating to the expected effects of the Offer on Songtradr and 7digital (including their future prospects, developments and strategies), the expected timing and scope of the Offer and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "is subject to", "budget", "projects", "strategy", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Although Songtradr and 7digital believe that the expectations reflected in such forward-looking statements are reasonable, neither Songtradr nor 7digital can give assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.

These factors include, but are not limited to: the ability to complete the Offer; the ability to obtain any requisite regulatory and shareholder approvals and the satisfaction of other Conditions on the proposed terms and schedule; future market conditions, changes in general economic and business conditions, the behaviour of other market participants, the anticipated benefits from the proposed transaction not being realised as a result of changes in general economic and market conditions in the countries in which Songtradr and 7digital operate, weak, volatile or illiquid capital and/or credit markets, changes in tax rates, interest rate and currency fluctuations, the degree of competition in the geographic and business areas in which Songtradr and 7digital operate and changes in laws or in supervisory expectations or requirements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in light of such factors. Neither Songtradr nor 7digital, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place any reliance on these forward-looking statements. Other than in accordance with their legal or regulatory obligations, neither Songtradr nor 7digital is under any obligation, and Songtradr and 7digital expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No profit forecasts, estimates or quantified financial benefits statements

No statement in this announcement is intended, or is to be construed, as a profit forecast, profit estimate or quantified financial benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for 7digital for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for 7digital.

Right to switch to a Takeover Offer

Songtradr reserves the right to elect, with the consent of the Panel, to implement the Offer by way of a Takeover Offer as an alternative to the Scheme. In such event, such Takeover Offer will be implemented on substantially the same terms and conditions, so far as applicable, as those which apply to the Scheme subject to appropriate amendments to reflect the change of method of effecting the Takeover Offer.

Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on [phone] if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication of this announcement on websites

A copy of this announcement will be made available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on 7digital's website at https://www.7digital.com/investors/ and on Songtradr's website at https://www.songtradr.com/investors/ by no later than 12 noon (London time) on the Business Day following this announcement, in accordance with Rule 26.1 of the Takeover Code.

For the avoidance of doubt, the contents of these websites are not incorporated by reference and do not form part of this announcement.

Requesting hard copy documents

Any person entitled to receive a copy of documents, announcements and information relating to the Offer is entitled to receive such documents in hard copy form free of charge. A person may also request that all future documents, announcements and information in relation to the Offer are sent to them in hard copy form. Hard copies of such documents, announcements (including this announcement), and information will not be sent unless requested.

In accordance with Rule 30.3 of the Takeover Code, 7digital Shareholders, persons with information rights, participants in the 7digital Share Plan and the holder of the Warrants may request a hard copy of this announcement by contacting the Receiving Agent, Neville Registrars Limited, on 0121 585 1131 from within the UK or on [phone] if calling from outside the UK. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9.00 a.m. and 5.00 p.m., Monday to Friday excluding public holidays in England and Wales or by submitting a request in writing to the Receiving Agent at Neville Registrars Limited, Neville House, Steelpark Road, Halesowen, B62 8HD. Copies of this announcement and any document or information incorporated by reference into this announcement will not be provided unless such a request is made. Such persons may also request that all future documents, announcements and information to be sent to them in relation to the Offer should be in hard copy form.

Electronic communications

Please be aware that addresses, electronic addresses and certain other information provided by 7digital Shareholders, persons with information rights and other relevant persons for the receipt of communications from 7digital may be provided to Songtradr or any other offeror during the offer period as required under Section 4 of Appendix 4 of the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments.

Person responsible

The person responsible for arranging the release of this announcement on behalf of 7digital is Paul Langworthy.

General

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser in the relevant jurisdiction.

APPENDIX : EXPECTED TIMETABLE OF PRINCIPAL EVENTS

All times shown in this announcement are London time unless otherwise stated. All dates and times are based on 7digital's and Songtradr's current expectations and are subject to change. If any of the dates/or times in this expected timetable change, the revised dates and/or times will be notified to 7digital Shareholders by announcement through a Regulatory Information Service, with such announcement also being made available on 7digital's website at https://www.7digital.com/investors/ .

 
Event                                                        Time and/or date 
                                                              2023 (1) 
Publication of the Scheme Document                                          1 March 
Latest time for lodging the Blue Form of Proxy                     10.00 a.m. on 21 
 for the Court Meeting                                                    March (2) 
Latest time for lodging the White Form of                          10.15 a.m. on 21 
 Proxy for the General Meeting                                           March 
Voting Record Time                                            6.00 p.m. on 21 March 
                                                                                (3) 
Court Meeting                                                      10.00 a.m. on 23 
                                                                              March 
General Meeting                                                    10.15 a.m. on 23 
                                                                          March (4) 
The following dates and times are indicative 
 only and are subject to change : 
Scheme Court Hearing                                                       28 March 
Last day of dealings in, and for registrations                         29 March (5) 
 of transfers of, and disablement of 7digital 
 Shares in CREST 
Scheme Record Time                                            6.00 p.m. on 29 March 
Suspension of dealings in 7digital Shares                     7.30 a.m. on 30 March 
 on AIM 
Effective Date of the Scheme (6)                                           30 March 
Cancellation of admission to trading of 7digital              7.00 a.m. on 31 March 
 Shares on AIM 
Despatch of cheques and crediting of CREST                        Within 14 days of 
 accounts for the Cash Consideration due under                                  the 
 the Scheme                                                          Effective Date 
The date by which the Scheme must become unconditional                  31 July (7) 
 and effective, failing which it will lapse 
 

Notes:

(1) These times and dates are indicative only and will depend, among other things, on the dates upon which (i) the Conditions are satisfied or (where permitted) waived, (ii) the Court sanctions the Scheme and (iii) the Court Order is delivered to the Registrar of Companies. 7digital will announce any changes to these dates through a Regulatory Information Service.

Participants in the 7digital Share Plan and the holder of the Warrants will be contacted separately on or around the date of this announcement to inform them of the effect of the Scheme on their rights under the 7digital Share Plan and their Warrants, including details of any appropriate proposals being made and dates and times relevant to them.

(2) It is requested that Blue Forms of Proxy for the Court Meeting be lodged not later than 48 hours prior to the time appointed for the Court Meeting (noting that, in taking account of this 48 hour period, no account shall be taken of any part of a day that is not a working day). Blue Forms of Proxy not so lodged may be handed to 7digital's Receiving Agent or the Chairman of the Court Meeting before the start of the Court Meeting.

White Forms of Proxy must be lodged not later than 48 hours prior to the time appointed for the General Meeting (noting that, in taking account of this 48 hour period, no account shall be taken of any part of a day that is not a working day). White Forms of Proxy not returned so as to be received by the time mentioned above and in accordance with the instructions on the White Form of Proxy will be invalid unless the 7digital Directors direct otherwise.

(3) If either the Court Meeting or the General Meeting is adjourned, the Voting Record Time for the relevant adjourned meeting will be 6.00 p.m. on the day which is two Business Days prior to the time of the adjourned Meeting.

(4) To commence at 10.15 a.m. or as soon thereafter as the Court Meeting shall have concluded or been adjourned.

(5) 7digital Shares will be disabled in CREST from 6.00 p.m. on 29 March 2023.

(6) The Scheme will become effective pursuant to its terms upon the Court Order being delivered to the Registrar of Companies.

(7) This is the latest date by which the Scheme may become effective unless 7digital and Songtradr agree (and, if required, the Panel and the Court permit) a later date.

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March 01, 2023 02:00 ET (07:00 GMT)