7 Jul 2016 09:26
7digital
("7digital" or "the Company")
Capital Reduction Effective
7digital (AIM:7DIG), the B2B digital music and radio services company is pleased to announce that the High Court has approved the cancellation of the balance standing to the credit of the Company's share premium account (the "Capital Reduction"). Following approval by shareholders and the approval of the High Court and the subsequent registration of the Court order with the Registrar of Companies, the Capital Reduction has now become effective. As a consequence of the Capital Reduction £17.3 million standing to the credit of the Company's share premium account was cancelled thereby creating distributable reserves.
The Capital Reduction has no effect on the overall net asset position of the Company.
Details of the Capital Reduction proposals were contained in the Notice for the Annual General Meeting, dated 29th March 2016, and were approved by shareholders at the Company's Annual General Meeting on 28th April 2016.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
7digital Group | 020 7099 7777 |
Simon Cole, Chief Executive | |
Matt Honey, Chief Financial Officer Holly Ashmore, PR Manager | |
finnCap (nominated adviser and broker) |
020 7220 0500 |
Geoff Nash / Carl Holmes - Corporate Finance | |
Malar Velaigam / Mia Gardner - Corporate Broking | |
Weber Shandwick (financial PR agency) Nick Oborne - NOborne@webershandwick.com Tom Jenkins - TJenkins@ webershandwick.com
About 7digital (http://about.7digital.com) |
020 7067 0000 |
7digital is a B2B digital music and radio services company. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying access to music for clients such as Onkyo, Fnac, Musical.ly, Global Radio and E.Leclerc. From years of being the largest independent producer of programming for the BBC, launching Radioplayer in multiple territories, and powering services for partners like HMV, Panasonic and ROK Mobile, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.