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One Delta Now Has Deal To Buy Audioboo, The Audio "YouTube"(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - One Delta PLC Thursday said it has now has a conditional agreement to acquire Audioboo Ltd, the digital social media audio platform, for GBP2.62 million, and will seek shareholder approval for the deal and for changing its name to Audioboom Group PLC. The company had said March 17 that it had an agreement in principle with UBC Media Group PLC and other Audioboo shareholders for the acquisition. Thursday, One Delta said it now had a deal, and would pay for Audioboo by issuing its current owners shares and warrants. However, the deal is conditional on One Delta getting the approval of its own shareholders because the deal constitutes a reverse takeover over AIM rules. One Delta is an investing company. Its previous attempt at a business, involving flood defence products, failed to get off the ground, and so last year it got permission to look for new investments in the technology sector. If the acquisition receives shareholder consent, it is proposed that three new directors will join the board of the expended company. Robert Proctor, Chief Executive Officer of Audioboo, Rodger Sargent and Simon Cole will be appointed, it said. Audioboo is a social media, SaaS based, digital audio platform that allows professional and amateur content producers to create and broadcast original, largely non-music audio content. It currently has 2.4 million registered users. "Social Media has become a global phenomenon. We believe Audioboo's innovative social media platform has the opportunity to establish itself as a global player and become the audio equivalent of YouTube," said Chairman Roger Maddock in a statement. One Delta also released its full year result for the year ended November 30, 2013. It said that it narrowed its loss in the year to GBP546,660, from GBP1.9 million a year earlier, after it booked an impairment of goodwill of GBP295,000 in the year, compared with an GBP1.1 million impairment for the year ended November 2012. Revenue for the year fell to GBP22,022, down from GBP33,318 the prior year. One Delta shares closed 14.3% higher Thursday, at 2.00 pence. Copyright 2014 Alliance News Limited. All Rights Reserved. |