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


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