MediaZest Raises GBP70,000 Through Share Placing (ALLISS)

LONDON (Alliance News) - MediaZest PLC said Tuesday it conditionally raised GBP70,000 through a ...

Alliance News 13 February, 2018 | 4:40PM
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LONDON (Alliance News) - MediaZest PLC said Tuesday it conditionally raised GBP70,000 through a placing in order to fund its growth plans.

The digital audio-visual marketing company raised the funds through the placing of 46.7 million shares with existing investors at a price of 0.15 pence each. the placing was arranged by Hybridan LLP.

Shares in MediaZest were untraded at 0.165 pence on Tuesday.

Funds from the placing will be use to fund the growth of the company. Some will be used to pay deposits for suppliers in order to support contracts with the "large, complex global operations" and in order to "fully take advantage of two specific, recently won opportunities, and others that are still at the pitch or negotiation stage."

Other money will be utilised in the growth of MediaZest's digital signage business. The market for its products continues to grow, the company explained, and strategic growth opportunities will be explored using the cash.

Of the 46.7 million placed shares, MediaZest Chairman Lance O'Neill subscribed to 13.3 million of them. Following admission O'Neill will hold 38.0 million shares or 3.0% of the company.

After admission of the placing shares - expected next Monday - MediaZest will have 1.29 billion shares outstanding.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
MediaZest PLC 0.18 GBX 0.00 -
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