Audioboom Group PLC Issue of Warrants (5037U)
July 30 2015 - 2:02AM
UK Regulatory
TIDMBOOM
RNS Number : 5037U
Audioboom Group PLC
30 July 2015
Audioboom Group plc
("Audioboom" or the "Company")
Issue of Warrants
Further to the announcement on 2 July 2015, Audioboom (AIM:
BOOM), the leading spoken-word audio on-demand mobile platform,
announces that it has issued 20,000,000 warrants to subscribe for
ordinary shares in the Company to Cumulus Media Holdings, Inc.
("Cumulus") as part of the advertising revenue share agreement with
Cumulus. The warrants were announced at that time but their terms
have now been finalised and the warrants issued.
The warrants have an exercise price of 12.5p. The exercise price
may be reset if the Company were to issue ordinary shares at a
price lower than 12.5p per share at any time while any warrants
remain outstanding, subject to certain excluded issuance events and
subject to a minimum reset price of 10p.
50 per cent of the warrants are unconditional with the balance
conditional on Audioboom having received certain pre-determined
levels of net revenue from the advertising revenue share agreement
with Cumulus.
The warrants may be exercised at any time from 30 September 2016
to 30 September 2019 and there is provision for cashless exercise.
The warrants are equivalent to approximately 3.8 per cent of the
Company's total shares in issue.
At the same time, the Company has issued 1,200,000 warrants to
another US radio industry participant, Yea Networks, LLC ("Yea").
Yea, which is the syndicator of The Kidd Kraddick Morning Show in
the US, has been instrumental in introducing Audioboom to a number
of major US content partners and radio groups and continues to work
closely with the Company in this important market.
These warrants are unconditional and have otherwise been issued
on identical terms to the Cumulus warrants. They are equivalent to
approximately 0.2 per cent of the Company's total shares in
issue.
Enquiries:
Audioboom Group plc
Rob Proctor, Chief Executive Tel: 020 7403 6688
David McDonagh, Chief Financial
Officer
Arden Partners plc - NOMAD and Tel: 020 7614 5900
Broker
Chris Hardie/Ciaran Walsh, Corporate
Finance
Walbrook PR Tel: 020 7933 8780 or audioboom@walbrookpr.com
Sam Allen / Paul McManus Mob: 07884 664 686 / Mob: 07980
541 893
About Audioboom (www.audioboom.com)
Audioboom is the leading mobile, web and connected device
platform for the very best spoken-word content in news, current
affairs, business, entertainment and sports.
It operates a digital, on-demand, streaming audio platform
enabling the creation, broadcast and consumption of audio across
multiple global media outlets. Audioboom works with some of the
biggest names in broadcasting across sport, entertainment and
current affairs to bring their content to millions of listeners
worldwide via Facebook, Twitter and other media platforms.
The technology allows partners to embed playlists onto their
sites and apps, use our mobile apps and functionality as listen
again players and re-syndicate their content around the web.
Audioboom also allows the monetisation of audio via the dynamic
insertion of pre and post roll advertising into content as a user
is listening, allowing contemporary advertising selection,
depending on content genre and geographic location of the user.
Audioboom has over 3,000 active content partners, including the
BBC, Telegraph, Guardian, Cumulus, Sky Sports, Premier League,
Southern Cross Austereo, Reuters, CNBC, Universal and Fox.
Audioboom is using this platform to create the world's first
aggregated audio content syndication and advertising network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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