Proposed Acquisition Update

RNS Number : 5167Z

Immedia Group PLC

24 May 2021

 

24 May 2021

For immediate release

Immedia Group Plc

("Immedia" or "the Company" or "the Group")

Proposed Acquisition Update

Immedia ( AIM: IME), a supplier of multi-media content and digital solutions for leading brands and global businesses, announces an update on its proposed acquisition of Sprift Technologies Ltd ("Sprift").

The Company, and its advisers, are continuing to make good progress with their due diligence enquiries into Sprift.  The Directors also note the recent announcement, made by OnTheMarket plc (AIM: OTMP, a leading UK residential property portal provider) on 13 May 2021, that it had entered into a commercial partnership arrangement with Sprift ( https://www.londonstockexchange.com/news-article/OTMP/commercial-partnership-with-sprift-technologies/14974890 ). 

As the Company announced on 26 March 2021, should the acquisition of Sprift proceed on the currently envisaged terms, it would be classified as a reverse takeover in accordance with the AIM Rules for Companies ("RTO").  Accordingly, the Company's shares will remain suspended from trading on AIM until either the publication of an admission document setting out, inter alia, details of the proposed RTO or until confirmation is given that these discussions have ceased.  The proposed RTO remains subject to contract and satisfactory completion of the necessary due diligence and, at this stage, there is no guarantee that the proposed RTO will complete.

Immedia also agreed to provide Sprift with a secured loan facility of £900,000 ("Loan") for working capital purposes in three equal tranches; the third tranche of £300,000 was due to be paid to Sprift on 21 May 2021.  As this money is not yet required, the Company has agreed to defer the payment of this tranche until Sprift request it; all other terms of the Loan Agreement remain unchanged.

Further announcements will be made as appropriate.

~ Ends ~

For further information please contact:
Immedia Group Plc Tim Hipperson, Non-executive Chairman Ross Penney, Chief Executive	Tel: [phone]
SPARK Advisory Partners Limited (Nomad) Mark Brady Neil Baldwin	Tel: [phone]
SP Angel Corporate Finance LLP (Broker) Abigail Wayne	Tel: [phone]
Tooley Street Communications (IR & media relations) Fiona Tooley	Tel: [phone]

About Immedia Group Plc

Immedia Group Plc is a multi-media content and digital solutions provider to global businesses and organisations, who are investing in internal and/or brand communications. 

Our business provides a wide range of 'live' branded channels specifically to retail locations across the UK and Europe with an estimated listening audience of 8.5 million listeners per week.  Immedia's interactive audio channels deliver original and relevant content, via its own DreamStream-X platform with encrypted Dreamstream technology deployed in each location.  Dreamstream-X provides a mix of 'on brand' national and localised content to a client's workforce and customer base.  Each channel is supported with powerful data analytics tools which monitor audience activity and provide data to enable us to further enhance audience engagement. 

Immedia Group also creates original video content, 3D animation, app and web development, as well as supplying and installing Audio Visual equipment. 

Immedia clients include HSBC, Shell, Subway, BP, Nationwide Building Society, JD Sports, BMW, IKEA and FIFA. 

To read more about our business, visit www.immediaplc.com  or email us on [e-mail] .

About Sprift Technologies Ltd

Sprift Technologies Limited was e stablished in 2016 and offers a comprehensive source of data on UK properties www.Sprift.com .

Through providing this data to all professionals in the home-buying supply chain, Sprift is enabling its core mission to better inform buyers and property professionals and ultimately, reduce the time it takes to complete a house sale and the number of home transactions that do not complete.

The Sprift dashboard contains instant, comprehensive data on any UK residential property. The data is made available to any property professional to share with their clients, either through an online dashboard or fully white-labelled vendor and buyer reports.

Sprift is currently rated in the Exceptional category for Supplier to the Industry in the Estate Agency industry's most coveted awards EA Masters and has recently won an award for Innovation and Marketing.

 

END

 

 

ACQXXLLLFELXBBK