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UBC MEDIA

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7DIG

GB00BMH46555

7digital backs GBP19 million buyout by music licensing firm Songtradr

February 08, 2023 at 11:58 am EST

(Alliance News) - 7digital Group PLC on Wednesday agreed to a GBP19.4 million takeover from music licensing company Songtradr Inc.

Songtradr will pay 0.695 pence per 7digital share, more than double its closing price of 0.325p on Tuesday.

7digital shares more than doubled to 0.68p in London on Wednesday, giving it a market capitalisation of GBP18.1 million.

7digital directors consider the terms to be fair and reasonable.

Chief Executive Paul Langworthy said: "The offer recognises the underlying value of the company, providing all 7digital shareholders with the opportunity of a certain cash exit at an attractive premium.

"The offer recognises the underlying value of the company, providing all 7digital shareholders with the opportunity of a certain cash exit at an attractive premium to the prevailing market share price. We firmly believe that as part of the combined group, 7digital will have access to the capital, support and scale it needs to achieve its full potential."

By Jeremy Cutler, Alliance News reporter.

Comments and questions to newsroom@alliancenews.com.

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Company Profile

7digital Group plc is a United Kingdom-based company that provides business-to-business (B2B) end-to-end digital music solutions. The Company's business is engaged in the provision of scalable technical infrastructure combined with global music rights used to create music streaming and radio services. It operates through three segments: Licensing, Content and Creative. Its Licensing segment is engaged in the creation of software solutions for managing and delivering digital content. Its Content segment is engaged in the sales of digital music direct to consumers. Its Creative segment is engaged in the production of audio and video programming for broadcasters. It caters to a diverse range of B2B customers, including consumer and social media brands, online fitness companies, mobile carriers, broadcasters, automotive systems, record labels and retailers. The Company's wholly owned subsidiaries include 7digital Limited, 7digital Creative Limited and 7digital Trading Limited.

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