LONDON (Alliance News) - Be Heard Group PLC, formerly Mithril Capital PLC, was admitted to trading on AIM Monday, and its acquisition of digital media and analytics agency Agenda 21 Digital Holding Ltd became unconditional.
Previously main market listed Mithril Capital, the company changed its name following the acquisition of Agenda 21 and moved to AIM.
It raised GBP5.5 million through the issue of 169.2 million shares at 3.25 pence each. Shares in Be Heard were up 6.3% at 3.456 pence Monday morning.
Be Heard bought Agency 21 for an initial GBP3.3 million in cash and shares, with a deferred consideration of up to GBP8.6 million subject to performance criteria. The company said it is developing a deal pipeline with a second acquisition targeted for the first half of 2016. It is focused on companies in the UK and overseas with an enterprise value of up to GBP50 million, and will likely involve further equity funding.
"The seismic shifts brought about by the technology revolution are transforming what we do and how we do it. Globally, internet advertising expenditure is set to overtake broadcast TV within the next few years and with this the marketing and media landscapes are being changed beyond recognition," said Executive Chairman Peter Scott in a statement.
"Be Heard will take advantage of these changes by bringing together outstanding digital assets to create a mid-sized group of connected businesses which can leverage their market positions more effectively as part of our network. Agenda 21 is the first of these and with the support of our shareholders we will use our AIM listing and the funds raised to seek out other leading digital businesses to bring into the group," Scott added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.