17th Jan 2020 09:54
(Alliance News) - Zinc Media Group PLC on Friday said it intends to raise GP3.5 million through a share placing by way of an accelerated bookbuild process.
The TV and content creation company will issue shares at a price of 0.18 pence per share, with the placing proceeds to be used pay off existing debt and for general working capital purposes.
Zinc will also be undertaking a share consolidation so that every 500 shares will be turned into one share, making the placing price 90p.
The company's shares were trading 22% lower at 0.18p each on Friday morning in London.
Zinc Media said its largest shareholder Herald Investment Management will support the placing and will receive shares from a preference share conversion.
"I am delighted that our existing shareholders, supported by significant new investors, have backed the group's transformation plan. This placing will allow Zinc to invest in the plan and enable the group to deliver future profits following a period of transition," said Zinc Chief Executive Mark Browning.
By Ife Taiwo; [email protected]
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