7digital Group PLC Update re Redemption of Loan Notes (1193Y)
07 May 2019 - 4:01PM
UK Regulatory
TIDM7DIG
RNS Number : 1193Y
7digital Group PLC
07 May 2019
7 May 2019
7digital Group plc
("7digital" or the "Company")
Update re Redemption of Loan Notes
7digital Group plc (AIM: 7DIG) announces that, further to the
announcement made on 11 April 2019, it is in discussions with the
two loan note holders and a potential third party as to an
agreement whereby the third party will purchase the loan notes and
enter into a standstill agreement with 7digital. Negotiations
remain ongoing and the Company will provide an update in due
course.
As stated in the announcement on 11 April 2019, the Board's view
remains that the Company will require material further equity
and/or debt funding. It is likely that such funding will be
required by the end of June 2019. Without such funding, the Company
is unlikely to be able to continue as a going concern.
This announcement contains information which, prior to its
disclosure, was deemed inside information for the purpose of the
Market Abuse Regulation.
For further information please contact:
7digital 020 7099 7777
John Aalbers, CEO
Julia Hubbard, CFO
Holly Ashmore, PR Manager
Arden Partners (nominated adviser and
broker) 020 7614 5900
Ruari McGirr/ Tom Price/ Benjamin Cryer
- Corporate Finance
About 7digital (http://about.7digital.com/)
7digital is the global leader in B2B end-to-end digital music
solutions. The core of its business is the provision of robust and
scalable technical infrastructure and extensive global music rights
used to create music streaming and radio services for a diverse
range of customers - including consumer brands, mobile carriers,
broadcasters, automotive systems, record labels and retailers.
7digital also offers radio production and music curation services,
editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying
access to music for clients such as Onkyo and TikTok (formerly
musical.ly). From years of being the largest independent producer
of programming for the BBC and powering services for partners like
Panasonic and Fender, 7digital is perfectly positioned to lead
innovation at the intersection of digital music and next-generation
radio services.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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