Fladgate LLP was delighted to advise AIM listed Audioboom Group plc on a £2.8 million fundraise by way of placing and subscription. The new shares were admitted to trading on AIM on 22 May 2019 and upon admission, Audioboom’s market capitalisation was approximately £27 million. The net proceeds of the fundraise will be used towards an acquisition of established podcast content, development of co-production content partnerships and growth of the company’s slate of Audioboom Originals productions.
Audioboom is the leading global podcast company, consolidating the business of on-demand audio and making content accessible, wide-reaching and profitable for podcasters, advertisers and brands. Audioboom operates internationally and has operations and global partnerships across North America, Europe, Asia and Australia.
Robert Proctor, Chief Executive Officer of Audioboom, commented: “We are delighted to secure this additional £2.8m funding at a premium to the current market price and almost double that of our last raise earlier this year. Once again, the support of our existing shareholders has been crucial. In addition, we are delighted to welcome a number of new investors to our register. We hope also to be able to secure a new guarantee facility which would provide the Company with further firepower to assist in the acquisition of new podcast talent in our high growth market.”
Leading the Fladgate team, capital markets partner David Robinson, commented: “We were delighted to help secure funding for Audioboom Group plc. We look forward to watching the company progress on a number of exciting podcasting opportunities.”
David was supported by corporate associate, Orit Rioumine Gold and trainee solicitor, Thomas Edwards.