7DIG.L Regulatory News (7DIG)

26 Jun 2006 07:02

UBC Media Group PLC26 June 2006 26 June 2006 UBC Media Group plc "UBC" or the "Company" Conditional Placing to raise £3 million for Digital Music Downloading The Company (UBC:LN) announced today that it had conditionally raised £3millionbefore expenses through a placing of 15,000,000 new Ordinary Shares at 20p pershare. The new Ordinary Shares have been placed with existing and newinstitutional investors and certain Directors conditional upon the passing ofthe resolutions to be proposed at the Company's EGM to be held on 19th July 2006and the admission of the Placing Shares to trading on AIM. The net proceeds will be used to further the Company's investment in its digitalmusic download technology which allows listeners to buy music from radiostations via a handheld mobile device, and which UBC will demonstrate live forthe first time at a presentation to media research analysts on Monday June 26that the Stock Exchange. Your Directors believe the Company is benefiting from thecurrent rapid growth in digital radio and is positioned for further growth,particularly from new radio business models, like music downloading, that willresult from the adoption of new technologies facilitated by the growth ofdigital radio and the convergence of the technology with other mobile devices. We believe that a service, which allows listeners to download music from digitalradio stations, has the potential to be one of the most significant innovationsundertaken by the radio industry in recent times. UBC is currently undertakingconsumer field trials of the service, the outcomes of which are as yet unknown.The proceeds of the Placing will be used to continue UBC's investment in a musicdownloading service, with the intention of launching a full consumer servicewithin the next 12 months. Shareholders' approval is being sought at the Company's EGM for an increase inthe Company's authorised share capital and authorisation for the Directors toallot the Placing Shares without the statutory pre-emption rights applying. Application has been made to the London Stock Exchange for admission of the newOrdinary Shares to trading on AIM and, subject to the passing of the Resolutionsat the EGM, dealings are expected to commence on 20th July 2006. For further information, please contact: Simon Cole, CEO, UBC Media Group plc Tel: 020 74531600 Tim Allan, Portland for UBCTel: 020 7404 5344 Notes to editors About UBC Media Group plc UBC is quoted on the London Stock Exchange's AIM market. The Group is the marketleader in the supply of audio content and broadcast data software to the radioindustry in the UK. In addition to the entertainment, traffic & travel andnational news services provided to commercial radio, the Group is the largestindependent producer of radio programming for the BBC and the UK's leadingsupplier of digital radio scrolling text and EPG software. The Group also hassignificant digital radio broadcasting interests including Classic Gold Digital,the nationally distributed classic hits format. It is also part of the MXRRegional Multiplex consortium. This information is provided by RNS The company news service from the London Stock Exchange