Strong PM23 Oct 2013 11:12
23 October 2013 | 07:40am
UBC Media said current trading is in line with management's expectations, and that it has agreed to make a further equity investment in Audioboo.
It expects turnover to be about £1.5m for the six months to Sept. 30. Operational losses were expected to be in line with market expectations.
Meantime, to support Audioboo's continued growth, UBC has, over the last 6 months, loaned the company a total of £432,000 which is convertible into Audioboo stock at preferential terms.
As part of the on-going financing of Audioboo, UBC has agreed to make a further equity investment of £210,000 as part of the current round of funding.
Following the current round of funding, which is due to close at the end of this month, it is expected that UBC will hold 34% of the ordinary share capital of Audioboo.
__________________If UBC and other shareholders converted their current loans into equity, UBC would hold 52% of the ordinary share capital of Audioboo on a fully diluted basis._____________________