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7digital completes purchase of Snowite

Fri, 08th Apr 2016 15:17

(ShareCast News) - Music and radio services firm 7digital announced on Friday it had completed the acquisition of French digital streaming service provider Snowite, originally announced on 6 January.The AIM-traded company negotiated a slight reduction in the amount of existing debt of Snowite with the French Commercial Courts, from €1.8m to €1.7m, as part of its Procédure de Sauvegarde under French insolvency law, which is comparable to Chapter 11 bankruptcy in the United States.It also fixed the term of repayment to eight years after a one year moratorium, payable in equal installments with no interest.The acquisition was expected to increase 7digital's turnover by at least £1.2m on an annualised basis, with Snowite bringing annualised monthly recurring revenues of £864,000.It also brought major French retail clients and a strong sales pipeline in French-speaking markets, and would accelerate 7digital's profitability. The board said it would be earnings enhancing after an integration period.7digital anticipated overhead synergies of more than £500,000 per year from 2017, once the Snowite brand was integrated into 7digital with all new activity being under the parent firm's name.Consideration for the acquisition was 7.32 million shares on completion."We are delighted to welcome Snowite to the group. With major French customers in the retail, mobile entertainment and media sectors and a strong sales pipeline in French-speaking markets, Snowite will accelerate 7digital's international expansion while strengthening our relationships with French music labels and publishers," said CEO Simon Cole."Snowite's platform and technology should also benefit our development roadmap and allow the Company to make cost savings in planned future platform investment."7digital shares were sliding for much of the day, and at 1540 BST were down 4.23% at 8.5p.
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8 Feb 2023 16:56

7digital backs GBP19 million buyout by music licensing firm Songtradr

(Alliance News) - 7digital Group PLC on Wednesday agreed to a GBP19.4 million takeover from music licensing company Songtradr Inc.

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14 Dec 2022 15:59

UK shareholder meetings calendar - next 7 days

Thursday 15 December 
Aeorema Communications PLCAGM
Argos Resources LtdAGM
Baillie Gifford Japan Trust PLCAGM
Capricorn Energy PLCGM re proposed share premium account cancellation
Chelverton Growth Trust PLCAGM
CQS Natural Resources Growth & Income PLCAGM
DX Group PLCAGM
DXS International PLCAGM
Glenveagh Properties PLCEGM
Secured Income Fund PLCGM re proposed reduction of capital
Schroder Income Growth Fund PLCAGM
Friday 16 December 
Bellway PLCAGM
Inchcape PLCGM re Derco acquisition
JPMorgan Global Growth & Income PLCGM re proposed combination with JPMorgan Elect PLC
National Australia Bank LtdAGM
Sareum Holdings PLCAGM
Thor Explorations LtdAGM
UP Global Sourcing Holdings PLCAGM
Monday 19 December 
Abingdon Health PLCAGM
Brand Architekts Group PLCAGM
China Nonferrous Gold LtdAGM
DeepMatter Group PLCGM re ordinary shares cancellation
Mila Resources PLCAGM
Purplebricks Group PLCGM re chairman replaced by Harry Hill
Renalytix PLCAGM
RTW Venture Fund LtdEGM
Star Phoenix Group LtdGM re resolution to approve change of auditor
Technology Minerals PLCAGM
Visum Technologies PLCAGM
Tuesday 20 December 
AVI Global Trust PLCAGM
dotdigital Group PLCAGM
eEnergy Group PLCAGM
Nanoco Group PLCAGM
Pharma C Investments PLCAGM
SourceBio International PLCGM re proposed cancellation and re-registration as a private Ltd
Wednesday 21 December 
7digital Group PLCAGM
BATM Advanced Communnications LtdAGM
dotdigital Group PLCAGM
Northamber PLCAGM
Parkmead Group PLCAGM
Windar Photonics PLCAGM
  
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6 Dec 2022 21:50

TRADING UPDATES: 7digital loan pact; Okyo Pharma files with SEC

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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19 Oct 2022 12:16

IN BRIEF: 7digital surges on three-year contract with Pinterest

7digital Group PLC - London-based music licensing provider - Wins new, three-year contract with visual inspiration platform, Pinterest Inc. Says that the contract is designed to support growth in content and territories as the platform expands into new markets as needed. The contract will enable Pinterest's music library to include licensed commercial tracks, delivered by 7digital's music-as-a-service platform, to sit alongside their royalty free music.

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19 Oct 2022 12:15

LONDON MARKET MIDDAY: FTSE underwhelms as CPI puts spotlight on BoE

(Alliance News) - London's FTSE 100 was struggling for direction on Wednesday at midday, underperforming European peers, while pressure on the Bank of England intensified after UK inflation hit double figures again.

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19 Oct 2022 11:37

7digital secures new contract with Pinterest

(Sharecast News) - AIM-listed 7digital said on Wednesday that it has secured a new contract with image sharing and social media website Pinterest.

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28 Sep 2022 11:04

AIM WINNERS & LOSERS: Glantus cautions; Vela hit by tech downturn

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28 Sep 2022 10:12

7digital shares jump as interim loss narrows; closer to break-even

7digital Group PLC on Wednesday came closer to breaking even in its half-year as expenses narrowed and revenue rose.

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23 Sep 2022 09:18

7digital shares down as Chair Tamir Koch steps down after 3 years

(Alliance News) - 7digital Group PLC shares dropped on Friday as it said that Chair Tamir Koch will step down from his role with immediate effect, to focus more time on the development of eMusic.com Inc blockchain.

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25 Jul 2022 12:14

LONDON MARKET MIDDAY: Stocks shrug off recession warning in Germany

(Alliance News) - European equities were higher at midday on Monday, bouncing back from a lower start, as investors took a warning from a business poll that showed Germany is on "brink of recession" in their stride.

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25 Jul 2022 11:24

AIM WINNERS & LOSERS: 7digital wins contract; Hurricane Energy repays

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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25 Jul 2022 10:32

7digital shares surge on long-term contract with Utopia Music

(Alliance News) - 7digital Group PLC on Monday announced it has signed a long-term contract with music fintech company Utopia Music AG.

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25 Jul 2022 10:03

7digital inks long-term contract with B2B music fintech

(Sharecast News) - Digital music solutions group 7digital said on Monday that it has inked a long-term contract with business-to-business music fintech company Utopia Music.

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