TIDMZIN
RNS Number : 3587W
Zinc Media Group PLC
13 November 2017
13 November 2017
Zinc Media Group plc
("Zinc Media" or the "Company")
Acquisition of Tern Television Limited
Result of General Meeting
The Board of Zinc Media Group plc, (AIM: ZIN), the TV and
multimedia content producer, is pleased to announce that, further
to its announcement on 25 October 2017, all resolutions proposed
were duly passed at the General Meeting held by the Company earlier
today.
The same definitions apply throughout this announcement as are
applied in the Circular, published on 25 October 2017, copies of
which are available on the Company's website,
www.zincmedia.com.
The Company has agreed to acquire Tern Television Productions
Limited ("Tern Television"), an independent TV production company
specialising in factual production, for a total consideration of up
to GBP5.45 million, comprising an initial consideration of GBP2.35
million in cash (which comprises GBP1.25 million plus GBP1.1
million for the surplus cash remaining in Tern) and GBP0.75 million
satisfied by the issue of the Consideration Shares and earnout
consideration of up to GBP2.35 million.
As previously announced, the Company has raised gross proceeds
of GBP3.5 million (before expenses) by the issue of 389,603,280 new
Ordinary Shares (Placing Shares) at 0.9 pence per share with
certain of the Company's shareholders and new investors. The net
proceeds of the Placing will be used by the Company principally to
finance the initial cash consideration in respect of the
Acquisition for Tern Television, together with associated
transaction costs and to provide additional growth capital for the
enlarged business.
The Consideration Shares are to be issued at the average of the
Closing Price over the five dealing days prior to the date of the
General Meeting, which has been determined to be 0.8 pence per
Consideration Share. Therefore 93,750,000 New Ordinary Shares will
be issued in respect of the GBP0.75 million of initial
consideration to be satisfied in shares.
Accordingly, Herald and the John Booth Parties have converted
GBP1,974,743.12 of Preference Shares and GBP303,374 of accrued
dividends into 253,124,190 Conversion Shares. Following this
conversion and Admission, Herald will hold 458,016,553 Ordinary
Shares (comprising Herald's existing holding and the Conversion
Shares) representing 33.69 per cent. of the Enlarged Share Capital
and the John Booth Parties will hold 65,243,192 Ordinary Shares
(comprising the John Booth Parties' existing holding, the Placing
Shares to be issued in respect of its participation in the Placing
and the Conversion Shares) representing 4.80 per cent. of the
Enlarged Share Capital.
The Acquisition is expected to complete with effect from
Admission on 14 November 2017.
Finally, the Company has also agreed to issue 3,333,333 new
Ordinary Shares at a price of 0.9 pence per Ordinary Share (being
the Placing Price) in lieu of certain adviser fees.
Peter Bertram, Chairman, said:
"This is an important acquisition for our business and one that
will provide us with a strong position and platform on which we can
build, as we continue to expand in the industry. We would like to
welcome our new shareholders and thank our existing investors for
their continued support. We are extremely pleased that they share
our view and recognise the benefits that this acquisition will
bring, both financially and strategically.
"Our focus now lies on integrating Tern Television into the
enlarged business and maximising opportunities for expansion into
new markets, establishing further strategic partnerships with
domestic and international broadcasters and commissioners, whilst
delivering value to shareholders."
Director Participation
Peter Bertram, David Galan and Nicholas Taylor; Chairman, Chief
Operating and Financial Officer and Non-Executive Director of the
Company, respectively, have each participated in the Placing. Their
respective participations and resultant shareholdings following
Admission are set out below.
Placing participation Resultant Percentage
(shares) holding of holding of
Ordinary Shares Enlarged Share
Capital
Peter Bertram 5,555,560 8,336,810 0.61
David Galan 2,777,780 4,652,547 0.34
Nicholas Taylor 2,777,780 2,777,780 0.20
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the
739,810,803 New Ordinary Shares to be admitted to trading on AIM.
Admission is expected to take place at 8.00 a.m. on 14 November
2017.
Following Admission, the issued share capital of the Company
will consist of 1,359,586,281 Ordinary Shares, with one voting
right each. The Company does not hold any shares in treasury.
The above figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Enquiries:
+44 (0) 20 7878
Zinc Media Group plc 2311
Peter Bertram, Chairman
David Galan, Chief Operating
and Financial Officer
www.zincmedia.com
N+1 Singer (NOMAD and Broker +44 (0) 20 7496
to Zinc Media Group plc) 3000
Shaun Dobson / Lauren Kettle
(Corporate Finance)
Michael Taylor (Corporate Broking)
Peterhouse Corporate Finance +44 (0) 20 7469
Limited (Joint Broker) 0932
Martin Lampshire / Duncan Vasey
/ Eran Zucker
Yellow Jersey +44 (0) 7825 916715
Georgia Colkin / Katie Bairsto
Notes to Editors
Zinc Media Group plc
Zinc Media Group plc is a leading British based TV and
multimedia content producer, specialising in factual production,
and operates three divisions: television production, digital
communications and publishing. The Group is currently engaged in
progressing its 'buy and build' consolidation strategy within the
fragmented UK independent TV production industry.
The core television production division comprises four award
winning and critically acclaimed television production companies:
Blakeway, Brook Lapping, Films of Record and Reef Television, whose
brands produce television and radio programmes for both UK and
international broadcasters. Recent recognition for the Company
includes 2017 BAFTA nominations for 'Inside Obama's White House'
and 'Born to Vlog', in addition to five awards at the EVCOM Screen
Awards for short form film.
The communications division specialises in creating
communications strategies and behaviour change programmes,
campaigns and resources for corporates, charities and government
departments. This division runs a contract for Transport for
London.
The publishing division publishes homeowner-planning guidelines
for local authorities across the UK and sells trader advertising in
those guidelines.
For further information on Zinc Media please visit:
http://www.zincmedia.com/
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------
a) Name Peter Bertram
---- ----------------------------- -----------------------------
2 Reason for the notification
---- ------------------------------------------------------------
a) Position/status Chairman
---- ----------------------------- -----------------------------
b) Initial notification Initial
/Amendment
---- ----------------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------
a) Name Zinc Media Group plc
---- ----------------------------- -----------------------------
b) LEI 21380038V6N4I4P38D74
---- ----------------------------- -----------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------
a) Description of Ordinary shares of 0.00025
the financial pence each
instrument, type
of instrument
GB00BX7RGN99
Identification
code
---- ----------------------------- -----------------------------
b) Nature of the Participation in a placing
transaction
---- ----------------------------- -----------------------------
c) Price(s) and volume(s) Price Volume
---- ----------------------------- -------------- -------------
0.9 pence 5,555,560
---------------------------------- -------------- -------------
d) Aggregated information
- Aggregated volume N/A
- Price N/A
---- ----------------------------- -----------------------------
e) Date of the transaction 14 November 2017
---- ----------------------------- -----------------------------
f) Place of the transaction Off-market transaction
---- ----------------------------- -----------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ---------------------------------------------------------------
a) Name David Galan
---- ----------------------------- --------------------------------
2 Reason for the notification
---- ---------------------------------------------------------------
a) Position/status Chief Operating and Financial
Officer
---- ----------------------------- --------------------------------
b) Initial notification Initial
/Amendment
---- ----------------------------- --------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ---------------------------------------------------------------
a) Name Zinc Media Group plc
---- ----------------------------- --------------------------------
b) LEI 21380038V6N4I4P38D74
---- ----------------------------- --------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ---------------------------------------------------------------
a) Description of Ordinary shares of 0.00025
the financial pence each
instrument, type
of instrument
GB00BX7RGN99
Identification
code
---- ----------------------------- --------------------------------
b) Nature of the Participation in a placing
transaction
---- ----------------------------- --------------------------------
c) Price(s) and volume(s) Price Volume
---- ----------------------------- --------------- ---------------
0.9 pence 2,777,780
---------------------------------- --------------- ---------------
d) Aggregated information
- Aggregated volume N/A
- Price N/A
---- ----------------------------- --------------------------------
e) Date of the transaction 14 November 2017
---- ----------------------------- --------------------------------
f) Place of the transaction Off-market transaction
---- ----------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------
a) Name Nicholas Taylor
---- ----------------------------- -----------------------------
2 Reason for the notification
---- ------------------------------------------------------------
a) Position/status Non-Executive Director
---- ----------------------------- -----------------------------
b) Initial notification Initial
/Amendment
---- ----------------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------
a) Name Zinc Media Group plc
---- ----------------------------- -----------------------------
b) LEI 21380038V6N4I4P38D74
---- ----------------------------- -----------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ------------------------------------------------------------
a) Description of Ordinary shares of 0.00025
the financial pence each
instrument, type
of instrument
GB00BX7RGN99
Identification
code
---- ----------------------------- -----------------------------
b) Nature of the Participation in a placing
transaction
---- ----------------------------- -----------------------------
c) Price(s) and volume(s) Price Volume
---- ----------------------------- -------------- -------------
0.9 pence 2,777,780
---------------------------------- -------------- -------------
d) Aggregated information
- Aggregated volume N/A
- Price N/A
---- ----------------------------- -----------------------------
e) Date of the transaction 14 November 2017
---- ----------------------------- -----------------------------
f) Place of the transaction Off-market transaction
---- ----------------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEXLFFDFFZFBQ
(END) Dow Jones Newswires
November 13, 2017 10:49 ET (15:49 GMT)
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