Polemos agrees to acquire digital media company Digitalbox Publishing

Writer, Stock Market Wire
Monday, September 10, 2018 - 09:07

Cash shell Polemos said it had agreed a conditional heads of terms to acquire digital media business Digitalbox Publishing, subject to certain conditions and due diligence.

Polemos shares had nevertheless been suspended from trading, since it wasn't able to make an acquisition in accordance with listing rules.

The company had become a cash shell on 8 March and had six months to make an acquisition that would constitute a reverse takeover.

However, the shares could resume trading if the Digitalbox acquisition was completed.

The parties had agreed a valuation of Polemos of 1.1p per share, subject to a cap of £1.1m on a fully-diluted basis, and the existing issued equity of Digitalbox at £10m.

They planned to arrange a placing of new ordinary shares in Polemos to raise around £3m.

Digitalbox was founded in 2013 by Martin Higginson, the founder of Monstermob Group, NetPlayTV and co-founder of Immotion Group.

It published UK digital media TV and celebrity online brand Entertainment Daily, which delivered over 8m monthly visits from 2m UK unique users.

At 9:07am: (LON:PLMO) Polemos Plc Ord 0.01p share price was 0p at 0.7p

Related content

Polemos to acquire Digitalbox Publishing, Mashed Production for £11.2m

Polemos said it had agreed to acquire both Digitalbox Publishing and Mashed Productions for up to £11.2m combined.

Digital media business Digitalbox would be acquired...

Fri, 08/02/2019 - 07:24

Digitalbox to list on AIM via reverse takeover of Polemos

Digital media business Digitalbox Publishing Holdings said it would seek a listing on AIM via a reverse takeover of Polemos.

Polemos would subsequently be renamed...

Mon, 21/01/2019 - 09:07

Cash shell Polemos hunts for takeover suitors as losses narrow

Cash shell Polemos said its first-half losses narrowed to £177k, compared to a loss of £391k in the previous six months through June.

At June...

Wed, 04/07/2018 - 13:22

Biometrics group in surprise decision to float in UK


Shares in AIM-quoted cash shell Polemos (PLMO:AIM) have been suspended after it agreed a reverse takeover of US-based cyber security group SecurLinx. The...

Thu, 14/09/2017 - 01:00

Polemos amends proposed Oyster O&G investment

Polemos said that, further to the announcement of 1 June, it has amended the terms of its investment into TSX-V listed Oyster Oil & Gas...

Wed, 21/06/2017 - 07:43