7digital (LON:7DIG)

7digital (LON:7DIG)


Share Price
0.26 p
Change
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Market Cap
£3.61 m
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7digital RNS Release

Early Redemption of Loan Notes


RNS Number : 8326V
7digital Group PLC
11 April 2019
 

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:

7digital

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

Georgia Colkin   

Charles Goodwin        

[email protected]

 


 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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