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7digital Group PLC (7DIG)

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Thursday 07 July, 2016

7digital Group PLC

Capital Reduction Effective

RNS Number : 5415D
7digital Group PLC
07 July 2016
 

7digital

("7digital" or "the Company")

Capital Reduction Effective

7digital (AIM:7DIG), the B2B digital music and radio services company is pleased to announce that the High Court has approved the cancellation of the balance standing to the credit of the Company's share premium account (the "Capital Reduction"). Following approval by shareholders and the approval of the High Court and the subsequent registration of the Court order with the Registrar of Companies, the Capital Reduction has now become effective. As a consequence of the Capital Reduction £17.3 million standing to the credit of the Company's share premium account was cancelled thereby creating distributable reserves.

The Capital Reduction has no effect on the overall net asset position of the Company.

Details of the Capital Reduction proposals were contained in the Notice for the Annual General Meeting, dated 29th March 2016, and were approved by shareholders at the Company's Annual General Meeting on 28th April 2016.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

Enquiries:

 

7digital Group

020 7099 7777

Simon Cole, Chief Executive


Matt Honey, Chief Financial Officer

Holly Ashmore, PR Manager




 

finnCap (nominated adviser and broker)

 

020 7220 0500

Geoff Nash / Carl Holmes - Corporate Finance


Malar Velaigam / Mia Gardner - Corporate Broking




 

Weber Shandwick (financial PR agency)

Nick Oborne - [email protected]

Tom Jenkins - [email protected] webershandwick.com

 

About 7digital (http://about.7digital.com)

 

020 7067 0000

7digital is a B2B digital music and radio services company. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.

7digital fosters industry growth and innovation by simplifying access to music for clients such as Onkyo, Fnac, Musical.ly, Global Radio and E.Leclerc. From years of being the largest independent producer of programming for the BBC, launching Radioplayer in multiple territories, and powering services for partners like HMV, Panasonic and ROK Mobile, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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