7digital Group - Proposed GBP8.5m fund-raise
7digital is proposing to raise £8.5m (before expenses) through the issue of up to 212.5m new shares at a price of 4p, a 22% discount to close on 30 November. £8m of this has already been placed or subscribed, with £0.5m available via an open offer. The shares will be admitted to AIM on 19 December, subject to shareholder approval.7Digital Group has three divisions: Content, Licensing and Creative. The Content division includes the sales of digital music downloads by Co. direct to consumers, and one off projects from record labels. Licensing is the core of Co.'s business, providing the platform and rights management personnel through which its business-to-business customers can create their own streamed music services, either standalone or bundled into their device or product offering. Co.'s Creative division is engaged in the creation of audio and video programming for broadcasters, receiving commissions from BBC's national radio networks, commercial radio stations and other broadcasters such as Sky Television.
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