MelodyVR Group PLC - London-based virtual reality content - Will issue an additional 41.4 million shares, which are due to debt holders and to the shareholders of Rhapsody International Inc, as part of its reverse takeover of the US company, which trades as Napster. The merger deal is worth about USD70 million in total. The new shares will start trading on Monday, bringing MelodyVR's total to 2.51 billion.
"Following admission of the additional shares, it will mark the completion of our acquisition of Rhapsody/Napster, the original music industry disruptor and a global music streaming service with over 1.1 million paying subscribers and 5 million total users," says MelodyVR Chief Executive Officer Anthony Matchett. "Over the coming year, we intend to leverage the existing Napster userbase, partners and underlying technologies developed by the company as part of the foundation to build a next-generation music platform."
Separately, MelodyVR Non-Executive Director Simon Cole sells 1.7 million shares at 3.35 pence, worth GBP57,750, on December 18, 22 and 23. Still has 3.0 million shares.
Current stock price: 3.66p
Year-to-date change: down 30%
By Tom Waite; thomaslwaite@alliancenews.com
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