Videndum PLC - London-based manufacturer of hardware and software for the content creation market, including broadcasters and film studios - Proposes GBP125 million underwritten capital raise via firm placing, placing and open offer of 46.9 million shares for 267 pence per share. Intends to raise GBP75 million via firm placing, and GBP50 million via the placing and open offer. Says will use GBP44.2 million in net proceeds to fund the repayment and cancellation of its outstanding term loans, which relate to its acquisitions of Savage and Audix. Further, GBP72.5 million will be used to repay drawings under its GBP200 million revolving credit facility. Videndum says 28.1 million shares will be issued via firm placing to raise GBP75 million gross, and 18.7 million shares will be issued through the placing and open offer to raise GBP50 million gross. The raise is subject to shareholder approval. Videndum says that it received irrevocable undertaking from Alantra that confirms its intention to vote in favour of the resolution for the capital raise with over 21% of existing shares. Further, Aberforth Partners confirms is intention to vote in favour, with 9.5% of existing shares.
Current stock price: 271.50 pence, down 2.3% on Monday
12-month change: down 79%
By Tom Budszus, Alliance News slot editor
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Videndum Plc (VID)