Proposed Capital Reduction

Digitalbox PLC

02 October 2024

 

2nd October 2024 

Digitalbox plc

("Digitalbox" or the "Company")

Proposed Capital Reduction

Digitalbox, the mobile-first digital media business, which owns leading websites Entertainment Daily, The Daily Mash, The Poke, The Tab and TV Guide, today announces intention to seek the necessary approvals for a capital reduction.

The Company currently has negative distributable reserves. The directors would like to undertake a capital reduction in order to put the Company in the position of being able to pay dividends or undertake a share buy-back, should the Board consider this to be the most sensible use of any surplus cash on the balance sheet. There is no certainty that the Board will undertake either of these processes.

This restructure, which requires, inter alia, Board, shareholder and court approval, would result in the transfer of the balance on the share premium account into distributable reserves creating a surplus. We expect the process to be completed by 31 December 2024, subject to obtaining appropriate court dates and registration of the share capital reduction at Companies House.

A further announcement will be made along with a Notice of General Meeting, setting out further details of the proposed capital reduction, in due course.

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries:

Digitalbox	c/o SEC Newgate
James Carter, CEO
Panmure Liberum (Financial Adviser, Nominated Adviser & Joint Broker)	Tel: [phone]
James Sinclair-Ford
Rupert Dearden
Leander Capital Partners (Joint Broker)	Tel:  [phone]
Alex Davies
SEC Newgate (Financial PR)	Tel: [phone]
Robin Tozer / Molly Gretton	[e-mail]

About Digitalbox plc

Based in the UK, Digitalbox is a 'pure-play' digital media business with the aim of profitable publishing at scale on mobile platforms.

Digitalbox operates the following trading brands, "Entertainment Daily", "The Daily Mash", "The Tab", "The Poke", "TV Guide" and new launch "Emmerdale Insider". Entertainment Daily produces and publishes online UK entertainment news covering TV, showbiz and celebrity news. The Daily Mash produces and publishes satirical news content. The Tab is the UK's biggest youth culture site fuelled by students. The Poke expertly curates and editorialises the funniest content from around the web and social media. TV Guide serves as the definitive guide to what is on TV. Emmerdale Insider aims to be the ultimate information source for fans of the legendary ITV soap. 

Digitalbox primarily generates revenue from the sale of advertising in and around the content it publishes. The Group's optimisation for mobile enables it to achieve revenues per session significantly ahead of market norms for publishers on mobile.

 

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