Charles Russell Speechlys advises 7digital on oversubscribed placing and subscription
Charles Russell Speechlys has advised the 7digital Group plc, the global leader in B2B end-to-end digital music solutions, on an oversubscribed placing and subscription. The fundraising raised £6m through a placing of 266,666,667 new Ordinary Shares, at 2.25 pence per share. The placing was conducted by Arden Partners.
7digital is focused on its B2B activities developing the ability to deliver multiple formats across streaming and download platforms, opening up further opportunities in emerging markets and industries.
CEO of 7digital, Paul Langworthy commented: “The Company has made exciting progress during 2020 securing new contracts with Triller and the eMusic livestream platform and a healthy pipeline of high-profile companies to capture key strategic markets of social media, artist monetisation and home fitness. This financing not only offers us greater investment and support to fully capitalise on these trends, but an entrepreneurial environment to leverage our leading technology platform to support new models of music consumption that emerge.”
Corporate Partner Paul Arathoon, who led on the deal, commented: “We are pleased to have been able to assist the 7digital on this successful transaction which will further enable 7digital’s current growth...”
The Charles Russell Speechlys team, led by Corporate Partner Paul Arathoon, and included Client Partner Andrew Collins.