Zinc Media Group plc is pleased to confirm, further to the announcement made earlier today regarding the proposed Bookbuild, the Company has conditionally raised gross proceeds of £3.5 million through the placing of 3,888,889 New Ordinary Shares at a price equivalent to 0.18 pence per share, or 90 pence per share as adjusted for the Share Consolidation (the “Placing Price”).
The Placing Price represents a 23.4 per cent. discount to the Closing Price of 0.235 pence on 16 January 2020 (or 117.5 pence, as adjusted for the Share Consolidation), the Business Day prior to the announcement of the Placing. The Placing Shares, once issued, will represent approximately 49.2 per cent. of the Enlarged Share Capital of the Company.
The proceeds of the Placing will be used primarily to fund the Company’s four-point transformational plan, adopted in September 2019 by the Group’s new management team, to address issues of the past and enable it to capitalise on its significant market opportunity.
Commenting on the Placing, Mark Browning, CEO, said:
“I am delighted that our existing shareholders, supported by significant new investors, have backed the Group’s transformation plan. This placing will allow Zinc to invest in the plan and enable the Group to deliver future profits following a period of transition.”
N+1 Singer is acting as Nominated Adviser and Joint Broker to Zinc Media alongside Peterhouse Capital.
About Zinc Media Group plc
Zinc Media Group plc is a leading British based TV and content creation company and operates 6 TV labels and a non-TV content division called Zinc Communicate. The six award winning and critically acclaimed television production labels include: Blakeway, Brook Lapping, Films of Record, Blakeway North, Reef Television and Tern Television, whose brands produce television and radio programmes for both UK and international broadcasters.
Zinc Communicate specialises in creating B2B communications strategies and behaviour change programmes, campaigns and resources for partners, businesses and government departments.
Market Cap: £3.5 million*
Website: Click here
*As at 17/01/2020
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