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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January 14, 2020 02:00 ET (07:00 GMT)

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