Zinc Media Group PLC Issue of Equity (8925R)
01 Novembre 2019 - 8:00AM
UK Regulatory
TIDMZIN
RNS Number : 8925R
Zinc Media Group PLC
01 November 2019
1 November 2019
Zinc Media Group plc ("Zinc Media" or the "Group")
Issue of Equity
Payment of Tern Television earnout and issue of earnout shares,
conversion of preference shares and issue of shares to a
supplier
Zinc Media is pleased to announce that, following a strong
trading performance by Tern Television Productions Limited ("Tern
Television") in the year ended 30 June 2019, the second-year
earnings target was achieved.
The second year earnout payment, payable to the vendors of Tern
Television ("the Vendors") in accordance with the terms of the
share purchase agreement (the "SPA"), is GBP0.5m, to be satisfied
partially in cash and partially in new Zinc Media Group shares.
GBP375,000 will be settled in cash and GBP125,000 will be settled
through the issue to the Vendors of 41,597,336 new ordinary shares
(the "Earnout Shares") at a price of 0.3005p per share, being the
average market price for the 30 business days prior to 31 October
2019. The Earnout Shares are subject to lock-in and orderly market
provisions under the SPA. The cash element of the earnout payment
will be satisfied from the Group's existing resources.
The Company has also offered Herald Investment Trust plc
("Herald"), the holder of the Company's preference shares, the
option to convert such number of preference shares into ordinary
shares such that their current holding of ordinary shares of
approximately 33.66 per cent of the issued ordinary share capital
is maintained. Herald will therefore convert GBP71,279 of
preference shares into 23,719,981 new ordinary shares at a price of
0.3005p per share to Herald at the same time as the issue of shares
to the Tern Television Vendors and Align Research. Following this
conversion the preference share balance held by Herald will be
approximately GBP0.77m.
Finally, to a supplier in lieu of fees, the Company is issuing
5,142,857 new ordinary shares at a price of 0.35p per share.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the
total 70,460,174 new ordinary shares to be admitted to trading on
AIM. Admission is expected to take place at 8.00 a.m. on 6 November
2019.
Following Admission, the issued share capital of the Company
will consist of 1,489,573,609 Ordinary Shares, with one voting
right each. The Company does not hold any shares in treasury.
The above 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 FCA's
Disclosure Guidance and Transparency Rules.
Mark Browning, Chief Executive Officer, commented:
"We are very pleased with the strong performance of Tern
Television in 2018/19, and they have also made a strong start to
2019/20. Tern have helped establish Zinc Media as one of the
largest independent TV production companies in the UK with a
significant footprint in the regions, Scotland and Northern
Ireland."
For further information, please contact:
Zinc Media Group plc +44 (0) 20 7878 2311
Christopher Satterthwaite, Chairman
Mark Browning, CEO
www.zincmedia.com
N+1 Singer (NOMAD and Joint Broker to Zinc Media) +44 (0) 20 7496 3000
Mark Taylor / Lauren Kettle
Peterhouse Corporate Finance Limited
(Joint Broker) +44 (0) 20 7469 0932
Martin Lampshire / Eran Zucker
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEVFLFXKBFBFBD
(END) Dow Jones Newswires
November 01, 2019 03:00 ET (07:00 GMT)
Grafico Azioni Zinc Media (LSE:ZIN)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Zinc Media (LSE:ZIN)
Storico
Da Apr 2023 a Apr 2024