LONDON (Alliance News) - Digital Marketing company Be Heard Group PLC on Friday said it will raise up to GBP10 million to support its proposed reverse takeover of website and application developer MMT Ltd.
Some GBP8 million will be raised through a firm placing of 246.2 million shares at 3.25 pence each. Another 54.8 million shares will be issued to the founders of MMT to satisfy the total initial acquisition consideration of GBP5.1 million, with the deferred consideration of GBP15.4 million to be paid in cash.
Based on the placing price, Be Heard's total market capitalisation upon re-admission will be GBP21.1 million. Re-admission to trading on AIM of the enlarged group is expected to take place on May 10.
In addition, Be Heard has granted a broker option to Numis allowing it to deal with an additional demand of up to GBP2 million under the placing until May 4.
"The result of the placing is an endorsement by shareholders of our strategy to build Be Heard into a next generation marketing group," Executive Chairman Peter Scott said in a statement.
"The acquisition of MMT Digital will be our second since November 2015 and alongside Agenda21 their skills and capabilities will become an integral part of our client offering. Beyond this we have a strong pipeline of potential investment opportunities as we look to build out the group's capabilities and capacity across the UK, US and Europe," he added.
Shares in Be Heard resumed trading on AIM on Friday morning, following a temporary suspension. Shares were trading down 19% at 3.30 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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