GCIAll Active Asset Capital considers £188.3m offer for Audioboom
confirmed to investors this morning that it is currently in talks over a possible £188.3 million cash-and-share offer for the audio platform, Audioboom Group.
The investment firm is considering an offer of 12.5 million new shares and 200p in cash. The offer is worth £12 for each Audioboom share based on an All Active share price of 80 pence, and is therefore a 36% premium to Audioboom's closing price of 885p on Friday.
All Active highlighted that it has the support of Audioboom shareholders owning 4.1 million shares, which represents around 26.4% of the issued share capital of Audioboom Group.
Audioboom, which is quoted on AIM, is a global podcasting company whose content is downloaded more than 90 million times each month by 25 million unique listeners around the world. Audioboom is ranked as the fourth largest podcast publisher in the US by Triton Digital.
Audioboom operates internationally, with operations and global partnerships across the US, Europe, Asia and Australia. The platform allows content to be distributed via Apple Podcasts, Spotify, Pandora, Amazon Music, Deezer, Google Podcasts, iHeartRadio, RadioPublic, Saavn, Stitcher, Facebook and Twitter as well as a partner's own websites and mobile apps.
Shares in All Active Asset Capital have seen a more than three-fold increase in value since the beginning of 2021. The stock was trading flat at 53.5p during late morning trading.
AAA announced several conditional proposals this month which, if completed, the Directors believe will start a process that could turn AAA into a global technology investment company.
The conditional proposals include placing of new AAA Shares to raise £150 million at 80p per share and the cancellation of the admission of AAA's shares from trading on AIM, it noted.
The Directors are also considering re-listing AAA on an alternative international exchange that would be more suited to AAA's portfolio of ‘exciting, high growth technology investments.’
The acquisition and placing are conditional on the delisting, which is anticipated to occur on 30 July 2021, assuming approval of the acquisition and delisting is acquired at its GM today.
The company detailed to shareholders this morning that it has until 16 August 2021 to either make an offer for Audioboom Group, or walk away under U.K. Takeover Panel rules.
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