TIDMBOOM
RNS Number : 6563Z
Audioboom Group PLC
14 January 2020
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Contract renewal of one of Audioboom's most popular
entertainment podcasts
Further use of podcast content funding guarantee arrangement
Issue of warrants with exercise price of GBP3.30 per share
The Board of Audioboom (AIM: BOOM), the leading global podcast
company, is pleased to announce that the Company has renewed an
exclusive sales and distribution contract with one of Audioboom's
most popular entertainment podcasts for 24 months, which includes
the opportunity to work with the content partner on further podcast
projects together. Over the past year this podcast has been
downloaded more than 140 million times, and during 2019 Audioboom
sold more than 98% of the available advertising inventory against
this podcast.
The Company's content funding guarantee facility announced on 17
June 2019 with SPV Investments Ltd (the "SPV") - a special purpose
vehicle owned equally by Michael Tobin, the Company's Chairman, and
Candy Ventures sarl, the Company's largest shareholder - will be
used to provide a guarantee of US$1.75 million in relation to this
contract renewal.
The SPV was formed to provide minimum revenue guarantees up to
an aggregate of US$4 million to certain leading new content
providers or, on contract renewal, to existing content partners of
the Company. This secures the minimum guaranteed advertising
revenue share payable to the content partners pursuant to their
commercial agreements with Audioboom without tying up the Company's
working capital. The provision of guarantees remains very much an
exception when negotiating terms with content partners and the
guarantees from the SPV will be used only to secure leading, high
profile, high revenue producing podcasts.
The first use of the SPV was announced on 17 June 2019 and was
for a guarantee of US$1 million in relation to the renewal of
another of Audioboom's most popular entertainment podcasts.
Subsequent to this date, payments made by Audioboom to the content
partner have resulted in a reduction in this guarantee such that a
guarantee of approximately US$0.5 million remains outstanding.
Following the second use of the SPV set out above, the amount
currently remaining available under the guarantee facility is
approximately US$1.8 million.
Pursuant to the terms of the SPV facility, the provision of the
second guarantee by the SPV has led to a grant of 43,750 warrants
to subscribe for ordinary shares in the Company, split equally
between Michael Tobin and Candy Ventures sarl. The exercise price
of these warrants will be GBP3.30 per share each, with such
warrants being exercisable for five years from grant. A total of
68,750 warrants (following the June 2019 share consolidation and
adjustment to the quantum and exercise price of the previously
granted warrants) have now been issued pursuant to the guarantee
facility, with the maximum number of warrants being capable of
issue in this regard being 100,000.
The FCA notifications in respect of the grant of warrants, made
in accordance with the requirements of the EU Market Abuse
Regulation, are appended below.
Enquiries
Audioboom Group plc Tel: +44(0)20 7403 6688
Stuart Last, Chief Executive Officer
Brad Clarke, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser Tel: +44(0)20 3328 5656
and Broker)
David Hart /Alex Brearley/Asha Chotai
Walbrook PR Limited (PR & IR Advisers) Tel: +44(0)20 7933 8780
Nick Rome/Tom Cooper/Nicholas Johnson or audioboom@walbrookpr.com
About Audioboom
Audioboom is a global leader in podcasting - producing,
distributing and monetising premium audio content to millions of
listeners around the world. Audioboom operates internationally,
with operations and global partnerships across North America,
Europe, Asia and Australia.
Audioboom provides technology and advertising services for a
premium network of 250 top tier podcasts, with key partners
including 'Casefile True Crime' (US), 'The Morning Toast' (US),
'And That's Why We Drink' (US), 'No Such Thing As A Fish' (UK),
'Starburns Audio' (US), 'The Cycling Podcast' (UK) and 'The Totally
Football Show' (UK).
The Audioboom Originals Network is a slate of content produced
by Audioboom including 'The 45(th) ', 'Covert', 'It's Happening
with Snooki & Joey', 'Mafia', 'Dead Man Talking' and 'Blank
Check'.
The platform allows content to be distributed via Apple
Podcasts, Spotify, BookMyShow, Deezer, Google Podcasts,
iHeartRadio, RadioPublic, Saavn, Stitcher, Facebook and Twitter as
well as a partner's own websites and mobile apps.
For more information, visit audioboom.com.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Candy Ventures SARL
------------------ ----------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Candy Ventures SARL is a person closely associated
with Audioboom Group plc's Non-Executive
Director, Steven Smith who is a person discharging
managerial responsibilities
------------------ ----------------------------------------------------
b) Initial Initial notification
notification
/Amendment
------------------ ----------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Audioboom Group plc
------------------ ----------------------------------------------------
b) LEI 213800QO681575J97813
------------------ ----------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------
a) Description Warrants over ordinary shares of no par value
of the financial
instrument,
type of ISIN: JE00B5NFKB77
instrument
Identification
code
------------------ ----------------------------------------------------
b) Nature of Grant of Warrants
the transaction
------------------ ----------------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) Exercise price of GBP3.30
per share 21,875
----------
------------------ ----------------------------------------------------
d) Aggregated 21,875
information
- Aggregated Exercise price of GBP3.30 per share
volume
- Average
Price
------------------ ----------------------------------------------------
e) Date of 13 January 2020
the transaction
------------------ ----------------------------------------------------
f) Place of Outside of trading venue - grant of Warrants
the transaction
------------------ ----------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael Tobin
------------------ ----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------
a) Position/status Non-Executive Chairman
------------------ ----------------------------------------------
b) Initial Initial notification
notification
/Amendment
------------------ ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name Audioboom Group plc
------------------ ----------------------------------------------
b) LEI 213800QO681575J97813
------------------ ----------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------
a) Description Warrants over ordinary shares of no par value
of the financial
instrument,
type of ISIN: JE00B5NFKB77
instrument
Identification
code
------------------ ----------------------------------------------
b) Nature of Grant of Warrants
the transaction
------------------ ----------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) Exercise price of GBP3.30
per share 21,875
----------
------------------ ----------------------------------------------
d) Aggregated 21,875
information
- Aggregated Exercise price of GBP3.30 per share
volume
- Average
Price
------------------ ----------------------------------------------
e) Date of 13 January 2020
the transaction
------------------ ----------------------------------------------
f) Place of Outside of trading venue - grant of Warrants
the transaction
------------------ ----------------------------------------------
-ENDS-
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END
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January 14, 2020 02:00 ET (07:00 GMT)
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