14th Apr 2014 16:00
LONDON (Alliance News) - One Delta PLC, an AIM-listed cash shell, Monday said it has obtained commitments from Slovar Ltd and UBC Media Group PLC, shareholders of Audioboo, to enter into a previously announced share sale agreement with the company.
Audioboo is a publishing platform used by the BBC and The Telegraph newspaper.
The company said the two parties, which hold 78.86% of the issued share capital of Audioboo, have committed to allowing One Delta to acquire the entire issued and to be issued share capital of Audioboo in a potential all share transaction.
One Delta requested in March that its shares be suspended from trading on AIM pending completion of the reverse takeover or until discussions terminate.
The company said on Monday that the commitments will automatically terminate on June 8 if no agreement is reached on or before that date.
One Delta also said on Monday that it has entered into a loan deal with Audioboo and will provide the company with a GBP150,000 unsecured, interest free loan. The company said the proceeds of the loan will be used by Audioboo to fund further development of its technical infrastructure and user interface.
The initial term of the loan is one year, unless the acquisition isn't completed by the end of June, at which point the loan will be evaluated or shortened as necessary.
One Delta shares were up 14.3% to 2.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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