8th Oct 2018 13:03
LONDON (Alliance News) - Digital music company 7digital Group PLC said on Thursday it has agreed terms with two shareholders to provide working capital and support costs involved in the consolidation of the business.
This follows the acquisition of 24-7 Entertainment in June 2017 for GBP2.2 million. Since December 2017, 7digital's overall headcount was reduced by 35%.
The aggregate shareholder loan in the initial tranche of loan notes will be GBP1.0 million, and the note will be convertible to shares.
Final agreements are expected to be put in place within the next week.
Shares in 7digital Group were down 5.5% at 3.88 pence on Monday.
Related Shares:
7DIG.L