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UPDATE - Rightster Group to raise funds

Published: 00:26 02 May 2015 AEST

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--adds detail, updates share price--

Cloud-based video distribution specialist Rightster (LON:RSTR) plans to raise in the region of £5mln through a placing of shares.

The shares are to be placed at 18p a go, the mid-market price at Thursday's close.

The company said the funds will finance the group through to a point where it breaks even on a cash flow basis, projected to be some time in 2016.

The Internet monetisation specialist said it has made an encouraging start to the year, with growth in average monthly video views estimated at 1.6bn for the first quarter of 2015.

By the end of the quarter, the company had more than 72mln subscribers and had reached 124mln unique users worldwide across the YouTube network, representing a 125% year-on-year increase.

Earlier this week, Rightster said its chief executive officer Patrick Walker had become a member of the board.

Walker, formerly the firm’s chief commercial officer, took over as chief executive officer on 28 January, at which time the company said he would be appointed to the board in due course. 

He succeeded Charlie Muirhead, who stepped down on a high-note, announcing at the end of January that the company was confident it had exceeded its target of achieving more than 150% year-on-year revenue growth in 2014.

The company is guiding the market to expect net revenues for the whole of 2014 will exceed £8.5mln.

Shares in Righter moved 10% higher to 19p

 

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