Member Info for Boombangabang

Says it all really, ARFM. We can just hope that AB will soon be listed elsewhere now that it’s remaining independent. Remaining on AIM is not an option if all long term shareholders are to see a realistic valuation. The traders will muck around for some months again. Good trading figures are not going to be sufficient to get this price back up. Merger or acquisition is needed. Issue is finding the right target and on advantageous terms.

Our posts crossed BigShow. I hope you’re right. I have that feeling that much is still in the air!

Your right lor_9 that arealfundmanager could answer the question of follow-up offer timescale. He was certainly correct in saying that because of previous RNS’s the only option was a sale. As this hasn’t happened due to low offers then surely management are looking at alternatives. So Audioboom remains independent for now which means it can look for an acquisition and or a reverse takeover. The BigShow makes a good point that the release of advisors wasn’t advised. Is it a requirement.

I do agree that matters are far from transparent. However I still back the current management and I would not be in favour of any changes. That’s the last thing the company needs.

Mav, the shares issued are just over 18m as per RNS a few weeks ago;

Audioboom (AIM: BOOM), the leading global podcast company, announces that the issued ordinary share capital of the Company as at the date of this announcement comprises 18,032,988 ordinary shares with one voting right per share ("Ordinary Shares").

Your post was thoughtful and basically correct. Audioboom has been valued at a premium over £5.40 however AIM traders have deigned to price it at 15% below. Sounds totally irrational. The company has announced today that its business plan is working very very successfully with confirmed H1 26 results above forecast and smattering 2025 figures. The Adelicious acquisition has been a brilliant success adding its business to good organic growth of AB. The company is obviously better of remaining independent and I still champion a move to a US where PodcastOne is now priced at 2x revenue. Guess what Audioboom is now 1.3 multiple, and it’s a far better company!

Sorry it’s 5.6% rise. Always use glasses to type and not wine glasses!

ACAST went ape today. Up 14%!

Hi ARFM, picking up on a couple of your points:

- the position of AB in world/USA ranking should warrant a good premium over and above the valuations of other companies in the sector. Not that big media companies throw there money around. However the fundamental point is AB now stands out in the crowd as the go to publisher not only for audio but also the growing video demand

- the retention of consideration is a good point and was evident in the Adelicious acquisition last year by AB. The situation may of course be different as AB is a public company and some shareholders may not be in favour of delayed settlement. However this sort of detail could present as one of the reasons for the lengthy process.

All in all your wise comments lend a calming influence on what has been a lengthy period of time in what could be likened to purgatory for us all.

All your posts have been of the highest quality, ARFM, both in providing information on the workings and process of M&A. Views and facts are always well balanced. I have looked through all your previous posts as a reminder of past comments. I smiled at your put down of Uallmakeitup!

If you’re right in your assumption that it’s a cash deal which is the only process on the table I do have concerns over how any acquirer would be able to justify a significant multiple over the current quoted price, especially to its shareholders. We can’t get too engrossed into guessing games about what an offer may look like but as you say the board would have set a minimum price which could be defined as a serious offer warranting in depth DD and access to the DR.

I can’t believe that the accounts would have any issues whatsoever. I know Stuart and Brad from years ago when they did face to face presentations. They are cautious and diligent officers of the company.

So how long does it take to get to an acceptable price and how many discussions.

The action of the price indicates that the MM are keeping a tight range. There’s been more selling than buying. Dowgate have been a noticeable absence from trading so this must indicate something. As you say maybe larger shareholders have now been made insiders. I know institutions hate to be made so in the long term but now we are approaching the end game.

Thanks again for your thoughts which are very much appreciated.

I’ve copied below the RNS of 16th April referred to by ARFM

The only update they gave was on “ Engagement with interested parties”.

Does this mean that there was no reportable news or update on listed options within the SR?

Background to the Strategic Review

On 3 October 2025, Audioboom Group PLC ("Audioboom or the "Company") announced that it had appointed J Goodwin & Co and Rockefeller Capital as Joint Financial Advisers (the "Advisers") to carry out a strategic review (the "Strategic Review") which would involve the consideration of, amongst other options, a sale of the Company. As a consequence, the Company has been in an offer period (as defined in the Code) since 3 October 2025.

The overall objective of the Strategic Review is to enhance shareholder value and accelerate the Company's growth, capitalising on its position as one of the UK and US's leading podcast publishers.

The Board and its Advisers have been exploring a broad range of possible outcomes for the Company as part of the Strategic Review, including sourcing new investment to fund acquisitions, undertaking a substantial acquisition or reverse takeover, undertaking a sale of either the Company's US or UK businesses or undertaking a sale of the entire issued and to be issued share capital of the Company by way of an offer under the Code.

Update on Engagement with Interested Parties

Since the Strategic Review was announced the Company and the Advisers engaged with several interested parties including global media organisations, US and European peer companies and media-focused private equity investment institutions.

Interested parties have entered into non-disclosure and standstill agreements with the Company and received a presentation on the Company's business and prospects from the Audioboom management team. Parties interested in making proposals to the Board have subsequently been invited to conduct commercial and financial due diligence on the Company via a data room.

As at the date of this announcement, the Company is in discussions with a small number of parties who are considering making a cash offer for the Company's entire issued and to be issued share capital under the Code.

The indicative pricing of preliminary proposals received to date are at a premium to the closing price on 2 October 2025, being the last day of trading immediately prior to the Company entering into an Offer Period.

The Company and the Advisers will provide further updates in respect of these discussions and the Strategic Review as appropriate. The Company aims to announce the conclusion of the Strategic Review during the current quarter, ending 30 June 2026.

There can, however, be no certainty that any offer will be made for the Company, nor as to the terms on which any offer might be made nor that the final terms of any offer will be sufficiently attractive to merit the recommendation of the Board.

Sha

You may be confirming my suspicion, ARFM. There is obviously a bottleneck in this process and it could be coming from the AB side. We’ve seen the high valuations but these are history. Cavendish may have it right at £13 but that’s an analyst extrapolating data. The reality is the directors would be crazy to think substantial growth is possible without a major injection of funds. Even then it’s risky. AB is a very well established business and needs to realise staying independents is not an option. The value on AIM would be slaughtered. We know that.

Some very interesting points. I have no knowledge of the TakeOver Code and I’m delighted that Arealfundmanager can put some facts before us. It seems logical from what you quote of 2.2. I’m very surprised, like ShareRUs, that there has been no leak. To be wallowing around the pre announcement price is quite frankly staggeringl.

You’re right Discus, it’s a bit too hot. But no complaints as next week it’s back to usual weather.

What can’t happen is no action from Audioboom. It’s got to get married or engaged and not left at the alter as in two previous rounds of consolidation.

It may be one or two of the big shareholders are holding out.

But what do we know - nothing!

PodcastOne price up 10% today. Market Cap is now equivalent to Audiboom. Valuation is over 2x revenue. A reverse takeover would be ideal for Audioboom as joint revenues would be around $160m for 2026 and AB would then be listed on NASDAQ.

I don’t think PodcastOne is the best company as the business hasn’t been highly regarded but perhaps things have changed.

A merger must be high up on the list of options in the SR?

Absolutely spot on PoeBardem. We’ve been on this track about comparisons before. AIM and a small cabal of traders just can’t get over the reality that Audioboom is not a start up and has been performing strongly for 5 years. I shall be very disappointed if the company remains on AIM. I’d be pleased with anything else! The fact that Rockefeller was employed gives every indication that the directors want Audioboom to be listed in USA. Full value will only be realised in a merger or major acquisition. Unless the price increase substantially I don’t think a buyer will pay more than a 100% premium. Long term investors have always eyed a £15 minimum. I’m sure the directors have the same view.

I know comparisons with ACAST have often been made. It’s interesting that Audioboom have 47 employees whereas ACAST have 446! How does this seem possible? There must be massive synergies to be made if a merger is being looked at.

The issue in taking it private is getting 75% of the shares held to vote in favour. I guess majority shareholders account for 55% ? Also the directors turned down an offer 3 years ago of £12 though to be fair of if I recall it was £3 cash and the remainder in confetti! The way the price is at the moment it looks like a merger or significant acquisition by Audioboom.

Minimum price is £9. Based on ACAST and PodcastOne current quoted prices. Will this tempt the directors?

This has surely got to be noticed. Madness if someone doesn’t buy Audioboom. All down to valuation and what’s acceptable to two parties.

I’m sure they’ll probe but he’ll remain tight lipped. He has to.

Good point BigShow. So a mirror of the Adelicious deal.