Last checked at 30 Jul 2015 07:01
Audioboom Group plc
("Audioboom" or the "Company")
Issue of Warrants
Further to the announcement on 2 July 2015, Audioboom (AIM: BOOM), the leading spoken-word audio on-demand mobile platform, announces that it has issued 20,000,000 warrants to subscribe for ordinary shares in the Company to Cumulus Media Holdings, Inc. ("Cumulus") as part of the advertising revenue share agreement with Cumulus. The warrants were announced at that time but their terms have now been finalised and the warrants issued.
The warrants have an exercise price of 12.5p. The exercise price may be reset if the Company were to issue ordinary shares at a price lower than 12.5p per share at any time while any warrants remain outstanding, subject to certain excluded issuance events and subject to a minimum reset price of 10p.
50 per cent of the warrants are unconditional with the balance conditional on Audioboom having received certain pre-determined levels of net revenue from the advertising revenue share agreement with Cumulus.
The warrants may be exercised at any time from 30 September 2016 to 30 September 2019 and there is provision for cashless exercise. The warrants are equivalent to approximately 3.8 per cent of the Company's total shares in issue.
At the same time, the Company has issued 1,200,000 warrants to another US radio industry participant, Yea Networks, LLC ("Yea"). Yea, which is the syndicator of The Kidd Kraddick Morning Show in the US, has been instrumental in introducing Audioboom to a number of major US content partners and radio groups and continues to work closely with the Company in this important market.
These warrants are unconditional and have otherwise been issued on identical terms to the Cumulus warrants. They are equivalent to approximately 0.2 per cent of the Company's total shares in issue.
Enquiries:
Audioboom Group plc |
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Rob Proctor, Chief Executive David McDonagh, Chief Financial Officer | Tel: 020 7403 6688 |
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Arden Partners plc - NOMAD and Broker | Tel: 020 7614 5900 |
Chris Hardie/Ciaran Walsh, Corporate Finance |
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Walbrook PR | Tel: 020 7933 8780 or audioboom@walbrookpr.com |
Sam Allen / Paul McManus | Mob: 07884 664 686 / Mob: 07980 541 893 |
About Audioboom (www.audioboom.com)
Audioboom is the leading mobile, web and connected device platform for the very best spoken-word content in news, current affairs, business, entertainment and sports.
It operates a digital, on-demand, streaming audio platform enabling the creation, broadcast and consumption of audio across multiple global media outlets. Audioboom works with some of the biggest names in broadcasting across sport, entertainment and current affairs to bring their content to millions of listeners worldwide via Facebook, Twitter and other media platforms.
The technology allows partners to embed playlists onto their sites and apps, use our mobile apps and functionality as listen again players and re-syndicate their content around the web.
Audioboom also allows the monetisation of audio via the dynamic insertion of pre and post roll advertising into content as a user is listening, allowing contemporary advertising selection, depending on content genre and geographic location of the user.
Audioboom has over 3,000 active content partners, including the BBC, Telegraph, Guardian, Cumulus, Sky Sports, Premier League, Southern Cross Austereo, Reuters, CNBC, Universal and Fox.
Audioboom is using this platform to create the world's first aggregated audio content syndication and advertising network.