Progressive proposes placing
Business information provider, Progressive Digital Media, says it will raise £20m through a share placing to fund acquisitions.
Business information provider, Progressive Digital Media, says it will raise £20m through a share placing to fund acquisitions.
A total of 111,111,111 new ordinary shares have been conditionally placed with new institutional investors at a price of 18p per share, a premium of 7.46% to the closing price of 16.75p yesterday.
Simultaneously with the placing, Michael Danson, Executive Chairman and 83.89% shareholder, has entered into a capitalisation agreement to convert £8m of a £9.8m loan into shares. Following the placing and the capitalisation, Michael Danson's shareholding in will fall to 67.72%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting, Danson said: "Progressive Digital Media is building a high quality global business platform and today's proposed placing, along with the capitalisation, will enable the company to accelerate its strategy of increasing its presence in profitable, high growth global markets via subscription based content."
The deal, which still needs formal shareholder approval, saw the stock rise 19.4% by 08:40. Progressive has had an impressive 12 months, rising 45% since last April
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Sachin Dev Duggal's Builder.ai – the first big AI bust
Sachin Dev Duggal's Builder.ai start-up claimed it could use artificial intelligence to build apps. Its revenues turned out to be equally artificial
-
How Trump's dog deals will damage global trade with the US
Opinion Some commentators are hailing Trump’s trading savvy. Are they right?