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Zinc Media Group PLC - London-based TV content producer - Proposes raising GBP4.0 million through share placing, the proceeds of which will go towards talent acquisition and working capital to recover losses caused by virus pandemic and support new commissions.
Will issue 6.7 million shares, equal 84% of the company's existing share capital. Placing price of 60 pence each is 1.6% discount to Monday's closing price of 61p.
Accelerated bookbuild to be run by N+1 Singer Advisory LLP appointed as nominated adviser, sole broker and bookrunner.
"I am delighted that our shareholders have given such a positive endorsement of the progress we have made on the transformation plan. The group has navigated Covid with great resilience. We will further strengthen our business winning creative teams in the months ahead, both in Zinc Television and the new Zinc Communicate, and look forward to growth in 2021," said Chief Executive Officer Mark Browning.
Current stock price: 61.00 pence, giving GBP4.8 million market capitalisation
Year-to-date change: down 49%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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