Napster Group PLC Increased Financing Commitment (4173V)
14 Aprile 2021 - 8:00AM
UK Regulatory
TIDMNAPS
RNS Number : 4173V
Napster Group PLC
14 April 2021
Napster Group PLC
("Napster" or the "Company")
Increased Financing Commitment
Napster Group PLC (AIM:NAPS), a leading music company and
operator of the MelodyVR and Napster platforms, is pleased to
announce that it has secured an increased funding commitment from
Nice & Green S.A (the "Investor"), a Swiss Investment firm who
recently welcome a strategic partner Artemis Group ("Artemis"),
owned by Swiss entrepreneur Michael Pieper.
On 8 February 2021, the Company announced that the Investor had
agreed to subscribe for unsecured Convertible Loan Notes totalling
GBP6.48 million to be issued over a 12-month period commencing
February 2021.Today, Nice & Green has increased its commitment
to GBP8m and accelerated the availability of funding to enable the
Company to access the entire GBP8m commitment by the end of June
2021. To date the Company has already received funding of GBP1.54m
under the existing arrangement, the balance of GBP6.46m will be
advanced in 3 equal monthly instalments commencing April 2021. All
other terms of the Convertible Loan Notes remain unchanged.
The Company will use these additional funds to support the
development and launch of the new integrated mobile app which will
combine the best content and functionality from both the Napster
and MelodyVR businesses to create a new music platform during the
course of 2021. This increased commitment together with the term
facility provided by our largest shareholder Davis Capital results
in total funding for FY21 of c.$40m and secures the development and
launch of our new music platform.
Anthony Matchett, Group CEO said
"We are excited to have secured this increased support from Nice
& Green. This incremental funding allows us to further
strengthen our balance sheet, bolster cash reserves and leverage
our status as a public company in terms of access to funding. We
believe this innovative equity financing instrument provides us
with access to funding with a marginal dilutive impact consistent
with either a placing or a retail platform offering. We retain the
option to repay in cash which offers protection to our shareholders
against overly dilutive conversion."
Benoit Villers, Managing Partner of Nice & Green said
"We are delighted to have the opportunity to extend our
strategic investment with Napster. We are a long-term supporter of
the business whose interests are fully aligned to the shareholder
community and are genuinely excited about the growth opportunity
which Napster affords us. We see this as a long term partnership
and the opportunity to be part of journey that could change the
shape of music consumption forever"
A recorded presentation is available on the company website:
www.napster.group .
For further information:
Napster Group PLC email@napster.group
Anthony Matchett, Group CEO
Equitory (IR) equitory@napster.com
Clara Melia/Geoff Callow
Arden Partners plc (Nominated Adviser and Broker) +44 (0)20 7614 5900
Corporate Finance: Ruari McGirr / Benjamin Cryer
Corporate Broking: Simon Johnson
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END
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