16 Jul 2015 07:00
16 July 2015
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Issue of Equity
LiteBulb (AIM: LBB), the brand and product development specialist, announces that its subsidiary, Meld Group, has successfully satisfied the earnout conditions of the acquisition, in that the maximum earnout target of £899,330 for the year ending 31 December 2014, as announced on 5 November 2013, was achieved. As a result the Company will issue 6,952,857 ordinary shares of no par value ("Ordinary Shares") in aggregate to the Sellers (as defined in the announcement dated 5 November 2013).
Additionally the Company has issued 2,494 ordinary shares of no par value ("Ordinary Shares") in connection with interest for the period 25 March 2015 to 23 June 2015 in respect of the convertible loan notes issued by the Company on 10 December 2014.
Application has been made for the 6,955,351 Ordinary Shares to be admitted to trading on AIM and it is expected that admission will become effective on 21 July 2015. Following admission, the total number of issued Ordinary Shares in the Company will be 58,194,333. The Company does not hold any Ordinary Shares in treasury and therefore this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Commenting on Meld Group's performance Howard Partington, Interim Chief Executive of LiteBulb, said: "We are very pleased to see Meld Group successfully achieve the earnout conditions imposed at the time of the acquisition as it underpins the confidence we have in the business at the time and the continued success we were expecting to see following its inclusion in the wider LiteBulb business."
For further information, please contact:
LiteBulb Group Limited | www.litebulbgroup.com |
Howard Partington, Interim Chief Executive Guy Pettigrew, Group Finance Director | Tel: 020 3384 7131 |
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finnCap (NOMAD & Broker) | Tel: 020 7220 0500 |
Stuart Andrews/Scott Mathieson (Corporate Finance) |
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Joanna Weaving (Corporate Broking) |
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Walbrook PR Limited | Tel: 020 7933 8780 or litebulb@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 |
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: ASDA, BHS, Tesco, Sainsbury's, WH Smith, Halfords, Marks & Spencer, Morrisons, QVC, Next, Fenwicks and Toys R Us.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.