Directorate Change

RNS Number : 0645U

Audioboom Group PLC

13 October 2014

 



Audioboom Group plc

("Audioboom" or the "Company")

Board changes and update on September performance

Audioboom Group plc (AIM: BOOM), the digital social media audio platform, announces the appointment of Malcolm Wall as Non-executive Chairman and Jason Mackay as Non-executive Director to the board of Audioboom with immediate effect.

Malcolm Wall has worked across the media spectrum in the UK and overseas. He has been CEO, Content at Virgin Media, CEO of Abu Dhabi Media, COO of UBM plc and held a number of senior roles within ITV companies. He is currently working with Pinewood Studios to develop their Chinese interests. He is an advisor to the Abu Dhabi Media Zone Authority, a Non Executive Director of the international film fund, Image Nation, Chairman of Dock 10(the Media City production facility) and Non Executive Director of Eagle Eye Solutions Group plc, a leading digital consumer engagement provider.

Jason Mackay has extensive experience in the financial markets having worked for 11 years at UBS and Morgan Stanley most recently as a Managing Director in Morgan Stanley's equity business. Jason was also co-head of hedge fund GLG's UK equity business for 7 years, responsible for managing $3bn of assets. Over the last 4 years Jason has founded several property businesses and invested in and helped numerous small companies. Jason will have a particular focus on the marketing of Audioboom.

As a result of these appointments, Roger Maddock will step down as Chairman, but will stay on the board with responsibility for Jersey matters. Rodger Sargent will leave the board, having helped complete the recent fund raise. Given the speed of progress and growth of international operations, the board is actively engaged in searching for a finance director and expect to announce an appointment in due course.

September performance  

September 2014 saw over 170,000 new registered users, a 30% increase on the August figure. In the 10 days to the end of September since the launch on 22nd September, there have been over 275,000 downloads of the new app, on minimal marketing, a figure considerably ahead of management expectation. Amongst many other statistics, 'follows', that is, users making a content provider a 'favourite' whose content they automatically follow, have increased over 125% since the app launch, an indication of significantly increased engagement and 'stickiness' that bodes very well for the future.

Rob Proctor, CEO of Audioboom, commented, "I am delighted to welcome  Malcolm Wall and Jason Mackay to the board- it is a reflection of Audioboom's progress that we are able to attract two such high calibre people. Malcolm's experience in global media, digital and technology and Jason's considerable success and expertise in the capital markets will be crucial as we take Audioboom to the next level. 

The statistics released today show the progress Audioboom has made In a short period of time; I am particularly encouraged by these early indications of uptake for the new app. However, they also reveal there is a huge untapped global market out there for us to aim at and I look forward to making further updates on our progress in the near future."  

Enquiries:

Audioboom Group plc	www.audioboomplc.com
Rob Proctor, CEO	Tel: [phone]
Arden Partners plc	Tel: [phone]
Chris Hardie / Ciaran Walsh, Corporate Finance
Walbrook PR	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Sam Allen	Mob: [phone]

Regulatory disclosures

1. Malcolm Robert Wall (age 58) is or has been a director or partner of the following companies or partnerships during the previous five years:

Current:	Previous:
Malcolm Wall Media Limited	Abu Dhabi Media
Song Lin Limited	Ingenious Film Partners 2 LLP
Dock10 Limited	Redshift Strategy Consulting Limited
Abu Dhabi Media Zone Authority	Virgin Media LLC
Image Nation Limited	Harlequin RFC Limited
Eagle Eye Solutions Group plc	Creston plc
	ITE Group plc
	British Screen Advisory

The remuneration of Malcolm Wall will be at a rate of £35,000 per annum and in the first year his fees will be settled by way of an issue of shares on a basis consistent with that of the non-executives appointed at the time of the re-Admission of the Company to AIM, except that the shares will be issued at 12.5 pence per share, the price of the recent placing. This will result in the issue of 280,000 new ordinary shares to Mr Wall.

Mr Wall owns 200,000 shares in the Company.

There is no further information on Mr Wall required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

2. Jason Moray Justin Mackay (age 41) is or has been a director or partner of the following companies or partnerships during the previous five years:

Current:	Previous:
Bede Development Limited	Adriatic Land 1 (GR4) Limited
UK Ground Rent Estate 3 Limited	Bede Ground Rents LLP
UK Ground Rent Estate 4 Limited	Laurel Heights LLP
Adderstone (3 Acre Park) Limited
Adderstone (Stoddard Studios) Development Limited
Adderstone (Stoddard Studios) Management Limited
Adderstone (Stepney Studios) Development Limited
Clifton Ground Rent Limited
Bede Globe LLP
Bede Commercial Investments LLP
Bede developments Limited
Development4Life GP
Development4Life LLC
Development4Life HT LLC
FDP LLP
Investment Freeholds (No. 2) Limited
Real Estate Freeholds Limited
The Third Scotts Atlantic Distributors LLP
Windsor Property GP
Windsor Property LLC

Rather than receiving a fee, Jason Mackay has been granted a warrant to subscribe for up to 6,000,000 new ordinary shares at 12.5p per share.  The warrant cannot be exercised for 12 months and expires in four years.  Half of the warrant shares are conditional upon the Remuneration Committee determining if certain performance conditions have been met.

Mr Mackay owns 360,000 shares in the Company.

There is no further information on Mr Mackay required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

About Audioboom (www.audioboom.com)

Audioboom Group plc is a SaaS based digital social media audio platform enabling the creation, broadcast and consumption of audio across multiple global media outlets. Audioboom works with some of the biggest names in broadcasting across sport, entertainment and current affairs to bring their content to millions of listeners worldwide via Facebook, Twitter and other media platforms.

The technology allows partners to embed playlists onto their sites and apps, use our mobile apps and functionality as listen again players and re-syndicate their content around the web.

Audioboom also allows the monetisation of audio via the dynamic insertion of pre and post roll advertising into content as a user is listening, allowing contemporary advertising selection, depending on content genre and geographic location of the user.

Audioboom has over 1,700 content partners, including the BBC, Telegraph, Guardian, CBS, Sky Sports, Premier League, Southern Cross Austereo, Reuters, CNBC, Universal and Fox.

 

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