1st Feb 2017 09:05
LONDON (Alliance News) - Spoken word audio on-demand platform Audioboom Group PLC on Wednesday said it has completed its acquisition of SONR News Ltd, after receiving acceptance of the GBP1.4 million deal by 93.4% of SONR's shareholders.
Accordingly, 53.2 million shares will be issued at 2.5 pence each as consideration, and Audioboom will proceed to exercise the squeeze-out rights available to it to acquire the remaining balance of issued share capital through the issue of a further 3.8 million shares.
Audioboom agreed the deal with SONR only last week. SONR is developing algorithms which Audioboom said will allow it to accelerate the creation and phased introduction of industry leading, plug-in, intelligent data management platforms that will better inform programmatic ad-serving solutions and audio recommendation engines over the next 12 months.
Shares in Audioboom were untraded on Wednesday, last quoted at 2.56 pence.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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