For the uneducated13 Apr 2018 17:53
Proposed acquisition, suspension of trading and trading update
Related party transaction with Candy Capital Limited
The Board ("Board") of Audioboom (AIM: BOOM), the leading spoken word audio on-demand platform, announces the Company's intention to acquire the entire issued share capital of Triton Digital Canada Inc ("Triton"), the parent company of Triton Digital, Inc., for a cash consideration of US$185 million, (approximately �134 million), subject to adjustment for normalised working capital (the "Proposed Acquisition"). Triton is a leading technology provider to the online audio industry that is headquartered in the USA with offices in six locations. Further information on Triton can be found below.
In order to fund the Proposed Acquisition and to provide working capital for the Company and its subsidiaries following the Proposed Acquisition (the "Enlarged Group"), the Company is proposing to raise approximately �155 million, before expenses, through a proposed placing of new ordinary shares (the "Proposed Placing"). Cenkos Securities plc and Zeus Capital Limited have been appointed to act alongside Allenby Capital Limited as joint brokers to the Proposed Placing (the "Brokers").