17th Nov 2020 21:20
Zinc Media Group PLC - London-based TV content producer - Tern Television Productions achieves third-year earnings target, and earnout of GBP500,000 will be paid, with GBP375,000 in cash and GBP125,000 through the issue of shares.
In addition, will issue 543,188 shares at a price of 62.08 pence to settle debt with Herald Investment Trust PLC, and 21,774 shares to John Booth Charitable Foundation. Following the conversion the long-term debt held by Herald and John Booth will be GBP3.4 million.
"We are very pleased with the continued strong performance of Tern Television in 2019/20. They have an excellent management team who have navigated the Covid crisis confidently, and they have a strong pipeline of bookings for 2021," said Chief Executive Officer Mark Browning.
Current stock price: 53.70 pence
Year-to-date change: down 54%
By Dayo Laniyan; [email protected]
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Herald Investment TrustZinc Media