London Stock Exchange welcomes Digitalbox plc to aim
London Stock Exchange today welcomes Digitalbox plc (“Digitalbox”). Digitalbox is a digital media business based in Bath, UK. Through its brand Entertainment Daily, Digitalbox produces and publishes online UK entertainment news covering TV shows, showbiz and celebrity news. It generates revenue from the sale of advertising in and around the content it publishes. Digitalbox has joined the Exchange via a reverse takeover of Polemos plc. It has also announced its intention to acquire The Daily Mash, the UK’s leading satirical news website.
Digitalbox’s ambition is to create a market-leading, mobile-first digital media business through a buy and build strategy. The Directors believe there is a strong pipeline of other similar acquisition opportunities in the digital publishing space. With each opportunity, Digitalbox will apply its proven business model based around its success in creating a profitable business with Entertainment Daily.
The total number of ordinary shares in issue at Admission today will be 88,823,155 at a placing price of 14p, with a second Admission expected on or around 5 March of 8,458,987 shares, following the completion of the acquisition of The Daily Mash. At this point, the market capitalisation of the Company is expected to be £12.6 million.
James Carter, Chief Executive Officer, Digitalbox plc, said:
"This is an exciting day for Digitalbox and will mean we can begin to realise our ambition to create a market-leading, mobile-first digital media business. Through our success with Entertainment Daily, we have a platform through which we can drive traffic and advertising revenue. The platform is highly scalable, and we intend to add new titles to it, with The Daily Mash the first to join us. The combination of our technology platform and experienced management team means we can create a compelling opportunity for investors as we grow."
WH Ireland acted as Nomad supported by Leander Capital as Lead Broker and Peterhouse Capital was Joint Broker. Newgate Communications provided financial public relations support.