Appointment of Nominated Adviser and Sole Broker

RNS Number : 1721R

musicMagpie plc

27 February 2023

 

27 February 2023

musicMagpie plc

("musicMagpie" or the 'Group')

Appointment of Nominated Adviser and Sole Broker

musicMagpie PLC,  a circular economy pioneer specialising in refurbished consumer technology and disc media in both the UK and US, is pleased to announce the appointment of Shore Capital and Corporate Limited as its Nominated Adviser and Shore Capital Stockbrokers Limited as its Sole Broker with immediate effect.

Enquiries

musicMagpie Plc		Tel: [phone]
Steve Oliver, CEO
Ian Storey, COO
Matthew Fowler, CFO
Shore Capital (Nominated Adviser and Sole Broker)		Tel: [phone]
Mark Percy
Malachy McEntyre
Daniel Bush
John More
Powerscourt (Financial Public Relations)		Tel: [phone]
Rob Greening
Genevieve Ryan
Sam Austrums

Notes to Editors

About musicMagpie plc

Operating through two trusted brands - musicMagpie in the UK and decluttr in the US - musicMagpie's core strategy is simple: to provide consumers with a smart, sustainable and trusted way to buy, rent and sell refurbished consumer technology and physical media products with sustainability running to the very heart of its operations. Founded in 2007, the Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US in Atlanta, Georgia.

musicMagpie has a strong environmental and social focus, as demonstrated by its trademarked 'smart for you, smart for the planet' ethos. Over 400,000 consumer technology products were resold in FY21. In addition, the Group re-sells approximately 2,500 tonnes of books and disc media each year that could have ended up as waste. During 2021, musicMagpie's UK consumer tech and disc media customers, along with its trade partners, helped to save over 50,000 tonnes of CO2 by buying, selling and renting with the Group - an amount equivalent to providing heating for over 18,000 homes. The Group has been given the London Stock Exchange's Green Economy Mark in recognition of its contribution to the global green economy.

When selling to musicMagpie, the customer is offered a fixed valuation via the website, provided with free logistics to ship the products and (subject to it being 'as described') receives payment for their product on the day of arrival at the Group's warehouse. The Group has also partnered with Asda to give customers the option of using its SMARTDrop Kiosks in store for a fast and easy way to recycle phones for instant cash. Customers purchasing or renting from musicMagpie receive branded refurbished product for a fraction of the price of buying new.

The Group has the highest number of seller reviews on both Amazon and eBay and has consistently achieved extremely positive feedback scores. The Group also has a 4.5* rating on UK Trustpilot with over 245,000 reviews.

For further information please visit: www.musicmagpieplc.com

Existing Board - AIM Rule 17 Disclosures

The Group announces the following information is being disclosed pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies as an update to the information provided in the Group's AIM admission document published on 16 April 2021:

David Wilson - Non-Executive Director

Investigate 2020 Ltd, a subsidiary of GB Group plc, was a current directorship of David Wilson at the time of the publication of musicMagpie's AIM admission document in April 2021. David subsequently left the Board of Investigate 2020 Ltd in June 2021.

Alison Littley - Non-Executive Senior Independent Director

Alison Littley was a former director of Market Harborough Building Society within 5 years of the date of the publication of musicMagpie's AIM admission document in April 2021.

Steven Oliver - Group Chief Executive Officer and Co-Founder

Steven Oliver was a Director of Rock Oldco 1 Limited (formerly The Fragrance Shop Limited) between 9 April 2008 and 18 February 2009. Rock Oldco 1 Limited was involved in a restructuring process and following Steven Oliver stepping down as a director, an administrator was appointed on 31 December 2009. The company's assets were subsequently sold and it was dissolved on 7 April 2011 with an estimated shortfall to non-preferential creditors of £134,490 and did not have any preferential creditors.

In addition to being a director of Music Zone Services Limited, which had a shortfall to creditors of approximately £28.2 million, Steven Oliver was a director until 9 November 2007 of Music Zone Holdings Limited, the parent company of Music Zone Services Limited, and which appointed administrators on 3 January 2007 and was subsequently dissolved on 9 November 2007.

 

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