7digital Group: Proposed £8.5m Fund-raise

By Edison Stock MarketsDec 07, 2017 06:36AM ET

www.investing.com/analysis/7digital-group-proposed-85m-fundraise-200271275

7digital Group: Proposed £8.5m Fund-raise

By Edison | Dec 07, 2017 06:36AM ET

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7Digital Group PLC (LON:7DIG) is proposing to raise £8.5m (before expenses) through the issue of up to 212.5m new shares at a price of 4p, a 22% discount to close on 30 November. £8m of this has already been placed or subscribed, with £0.5m available via an open offer. The shares will be admitted to AIM on 19 December, subject to shareholder approval.

7digital Group

7digital has announced a £8.5m fund-raise at 4p per share, a 22% discount to the closing price on 30 November. 163.4m new shares have been successfully placed, raising £6.5m before expenses. In addition, its largest shareholder MediaMarktSaturn (MMS) and a new investor have proposed to subscribe to a further £1.5m (36.6m new shares), and it has commenced an open offer for up to £0.5m (12.5m shares). The new shares will be admitted for trading on 19 December, subject to shareholder approval. Management plans to use the additional funds to strengthen the sales, customer on-boarding and technical teams (£1m), as well as ongoing restructuring of the cost base following the 24-7 Entertainment ApS acquisition (at a cost of £1m, which is expected to generate £1.8m savings). The remainder will be used to strengthen the balance sheet and provide additional working capital flexibility as the group expands.

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7digital Group: Proposed £8.5m Fund-raise

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