7digital Group plc
("7digital" or "the Company")
Early Redemption of Loan Notes
7digital (AIM:7DIG), the global leader in B2B end-to-end digital music solutions, announces that, further to its announcement of 9 April 2019, it has received a notice of redemption ("Notice") from a holder in respect of a tranche of the loan notes previously issued to certain investors, due to non-payment of interest. The loan notes provide for a maturity date of 31 December 2019.
The Notice relates to outstanding loan notes and interest amounting to £325,570. This represents the balance of a tranche of £500,000, the remainder of which was converted into ordinary shares on 8 February 2019. Following receipt of the Notice, the outstanding amount will become due and payable by 3 May 2019.
The remaining principal amount under the loan notes of £250,000 plus accrued interest remains outstanding to another loan note holder.
The Board's view remains that the Company will require material further equity and/or debt funding. Following receipt of the Notice and continued review of the Company's financial forecasts, it is likely that such funding will be required by the beginning of June 2019. Without such funding, the Company is unlikely to be able to continue as a going concern.
This announcement contains information which, prior to its disclosure, was deemed inside information for the purpose of the Market Abuse Regulation. The person responsible for making this announcement is John Aalbers.
For further information please contact:
020 7099 7777
John Aalbers, CEO
Julia Hubbard, CFO
Holly Ashmore, PR Manager
Arden Partners (nominated adviser and broker)
020 7614 5900
Ruari McGirr/ Tom Price/ Benjamin Cryer - Corporate Finance
Yellow Jersey PR
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