7 May 2019 07:00
7 May 2019
7digital Group plc("7digital" or the "Company")
Update re Redemption of Loan Notes
7digital Group plc (AIM: 7DIG) announces that, further to the announcement made on 11 April 2019, it is in discussions with the two loan note holders and a potential third party as to an agreement whereby the third party will purchase the loan notes and enter into a standstill agreement with 7digital. Negotiations remain ongoing and the Company will provide an update in due course.
As stated in the announcement on 11 April 2019, the Board's view remains that the Company will require material further equity and/or debt funding. It is likely that such funding will be required by the end of June 2019. Without such funding, the Company is unlikely to be able to continue as a going concern.
This announcement contains information which, prior to its disclosure, was deemed inside information for the purpose of the Market Abuse Regulation.
For further information please contact:
7digital | 020 7099 7777 |
John Aalbers, CEO | |
Julia Hubbard, CFO Holly Ashmore, PR Manager | |
Arden Partners (nominated adviser and broker) |
020 7614 5900 |
Ruari McGirr/ Tom Price/ Benjamin Cryer - Corporate Finance | |
About 7digital (http://about.7digital.com/)
7digital is the global leader in B2B end-to-end digital music solutions. 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 and TikTok (formerly musical.ly). From years of being the largest independent producer of programming for the BBC and powering services for partners like Panasonic and Fender, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.