MediaZest PLC - Surrey, England-based audiovisual solutions provider - Raises GBP120,000 through issue of 300.0 million shares at 0.04 pence each. Fundraise comprises placing of 250.0 million shares and a subscription to the other 50.0 million "for certain private investors". Company will use proceeds to invest in business development and support growth of its Dutch subsidiary. MediaZest also continues to sign repeat work, while annualised recurring revenue contracts have increased in value to around GBP700,000 per year. Adds that markets in key sectors are expanding and that it aims to "build a best in class roll up business, attractive to larger players in the medium term."
Chief Executive Officer Geoff Robertson says: "As we head into 2024, we believe we are well positioned to prosper...seeing growth as follows; Retail focusing on better stores with enhanced digital experiences; Automotive by providing solutions as the industry transitions to EV and digital sales models; and the Corporate Office market as hybrid working continues to evolve."
Current stock price: 0.045p, up 5.9%
12-month change: down 25%
By Emma Curzon, Alliance News reporter
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Mediazest (MDZ)