22 APRIL 2021
NORTHERN 3
Admission to AIM of musicMagpie plc
The board of
The Company sold 3,752,935 shares as part of the placing and realised net proceeds of £7.0 million (net of transaction costs). As part of this transaction, the Company will also receive payment for its outstanding loan stock of £1.0 million.
Following completion of the placing, the Company now holds 3,752,936 shares in musicMagpie. Based upon the placing price of £1.93 per share, this holding is valued at £7.2 million. The board has supported the management team of musicMagpie through its growth strategy since 2015 and is pleased to retain this equity stake, representing 3.5% of the total outstanding share capital. Taken together with the realised proceeds described above and the total investment income received to date of £0.5 million, a return of 11.6 times has been achieved on the Company’s total original investment amount.
The realisation of sale proceeds outlined above, combined with the uplift in the value of the musicMagpie shares held by the Company, represents an uplift in valuation of £5.4 million, compared to the value included in the Company's unaudited Net Asset Value ("NAV") per share at
Enquiries:
Website: www.nvm.co.uk
Website: www.mercia.co.uk
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