17th Mar 2014 09:57
LONDON (Alliance News) - One Delta PLC, an AIM-listed cash shell, Monday said it has raised GBP3.5 million through the issue of 232.3 million shares, which it will use to fund the reserve takeover of Audioboo Ltd.
Audioboo is a publishing platform used by the BBC and The Telegraph newspaper.
One Delta said it has reached a non-binding agreement in principle with UBC Media Group PLC and other shareholders to acquire Audioboo. UBC currently has a 39.4% stake in the company, this will fall to just under 20% of the combined Audioboo and One Delta once the deal has been completed.
One Delta has requested that its shares be suspended from trading on AIM pending completion of the reverse takeover or until discussions terminate.
In a separate note, UBC said it has moved a step closer to acquiring 7digital after signing a head of terms with the digital music technology platform, which powers services for companies including Samsung, HTC, HMV and T-Mobile.
The multimedia firm said it has also agreed a period of exclusivity up to April 4. The acquisition also would constitute a reserve takeover, and UBC shares remain suspended.
"Our aim is to create a new public company via 7digital which will be perfectly placed to exploit the rapidly developing market for online and mobile music services," UBC Chief Executive Simon Cole said in a statement.
One Delta shares were last quoted on Friday at 2.00 pence, up 0.25 pence or 14%. UBC shares were last quoted in November at 6.29 pence a share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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