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DCD Media soars as racing group buys up debt

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Shares in DCD Media (LON:DCD), the company behind TV programmes Bridezillas and The Slap, leapt ahead as racing broadcast group Timeweave bought a big chunk of its convertible debt.

Timeweave (LON:TMW) is best known as the owner of 50% of Amalgamated Racing, which broadcasts live pictures from 31 of the UK’s racetracks.

Its chief executive David Craven said the investment in DCD’s loan notes was consistent with its strategy of growth and delivering shareholder returns through investment.

“We have been following DCD Media for some time and took this opportunity to acquire the majority of the convertible loan instruments,” he added. 

Conversion of the loan notes is allowed up to a maximum of 29.99% of the DCD Media’s issued share capital.

Timeweave bought the notes for £2.09 million from a group of institutional investors at a 32% discount to their face value of £3.07 million. They pay interest at 8%, which rolls up to the maturity date.

The loan notes bought by Timeweave mature on 1 October with £2.093 million convertible into DCD shares at 18p while a further £975,000 convert at 1p.

Gartmore Smaller Companies, Standard Life UK Smaller Companies, Barnard Nominees, Universities Superannuation Scheme, Rockmore Investment Master Fund, Artemis Investment Management and Henderson Global Investors sold the notes to Timeweave.

DCD had £4.3m worth of convertible loans outstanding at the end of last September.

Shares in DCD Media rose 1.58p to 5p.


 

Quick facts: DCD Media Plc

Price: 275 GBX

AIM:DCD
Market: AIM
Market Cap: £6.99 m
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