REG - Zinc Media Group PLC - Payment of The Edge earnout and issue of shares

Zinc MediaAnnouncement

14/11/2023 07:15

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RNS Number : 3062T  Zinc Media Group PLC  14 November 2023

 

14 November 2023

Zinc Media Group plc

("Zinc Media" or the "Group")

Payment of The Edge earnout and issue of earnout shares

Zinc Media is pleased to announce that, following a strong trading performance
by The Edge Picture Co Limited ("The Edge") in the period since acquisition in
August 2022, the first-year earnings target, set out in the earn-out terms,
was achieved.

The first year earnout payment, payable to the vendors of The Edge (the
"Vendors") in accordance with the terms of the share purchase agreement (the
"SPA"), is £0.85m, to be satisfied partially in cash and partially in new
Zinc Media shares. As per the SPA, £247,375 will be settled in cash with the
balance settled by the allotment of 654,637 new ordinary shares (the "Earnout
Shares") to the Vendors based on a share price of 0.914 pence per share, being
the average market price for the 30 business days up to and including 10
November 2023. The Earnout Shares are subject to a 12 month lock-in period and
orderly market provisions under the SPA. The cash element of the earnout
payment will be satisfied from the Group's existing resources.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for all the Earnout
Shares to be admitted to trading on AIM, with dealings expected to commence at
8 a.m. on or around 21 November 2023 ("Admission"). Following Admission, Zinc
Media will have a total of 22,765,327 ordinary shares of 0.125 pence each in
issue. Zinc Media does not hold any shares in treasury. Therefore, this figure
may be used by shareholders as the denominator for calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, Zinc Media under the FCA's Disclosure Guidance and
Transparency Rules.

Mark Browning, Chief Executive Officer, commented:

"We are very pleased with the progress of The Edge in the period
post-acquisition. The Edge are performing ahead of acquisition expectations,
have integrated well into the Group and have further growth opportunities
ahead."

 

For further information, please contact:

Zinc Media Group
plc
           +44 (0) 20 7878 2311

Mark Browning, CEO / Will Sawyer, CFO

www.zincmedia.com (http://www.zincmedia.com)

Singer Capital Markets (Nominated Adviser and Broker)
          +44 (0) 20 7496 3000

James Moat / Sam Butcher

IFC Advisory Ltd (Financial
PR)
           +44 (0) 20 3934 6630

Graham Herring / Zach Cohen

 

About Zinc Media Group

Zinc Media Group plc is a premium television and content creation group.

The award-winning and critically acclaimed television labels comprise Brook
Lapping, Red Sauce, Supercollider, Tern Television, Rex and Atomic, along with
Bumblebee Post Production, and produce programmes across a wide range of
factual genres for UK and international broadcasters.

Zinc Communicate specialises in developing cross-platform content for brands,
businesses and rights holders.

The Edge Picture Company produces film content for brands and corporates in
the UK, Qatar and other international markets.

For further information on Zinc Media please visit www.zincmedia.com
(http://www.zincmedia.com/) .

 

 

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