musicMagpie, a leading re-commerce business in the UK and US specialising in refurbished consumer technology, has today announced its proposed admission to trading on AIM together with a placing to raise approximately £110m, with Shore Capital acting as Joint Bookrunner and Joint Broker. musicMagpie will have an approximate market capitalisation on admission of £208m.
The placing will raise gross proceeds of £15m for the company, together with a placing of existing ordinary shares which will raise proceeds of approximately £95m for selling shareholders.
The Directors believe that admission will be an important step in musicMagpie’s development and will assist the growth of the business; further strengthening its brand, visibility and profile in the re-commerce market. In addition to broadening musicMagpie’s shareholder base, admission to trading on AIM gives the company the capacity, if required, to raise capital from the equity market or issue shares as consideration to support its strategic objectives as suitable opportunities arise.
The net proceeds raised for musicMagpie at the time of admission will be used to repay existing debt facilities and fund its working capital requirements, in particular the expansion of its smartphone rental proposition.
For further information please contact:
Shore Capital +44 (0) 20 7408 4090
Corporate Advisory: Mark Percy / Daniel Bush / John More
Corporate Broking: Malachy McEntyre
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Note to editor
About Shore Capital
We are an independent securities business offering institutional and corporate clients leading investment banking, research, sales and trading services, including fixed income. We are represented across the UK enabling extensive distribution and institutional coverage. This distribution capability is complemented by our experienced corporate advisory and broking team who offer discreet, innovative and valued advice to companies on both the Main Market and AIM. Shore Capital is also the third largest market maker by number of AIM stocks covered.
Our cross-disciplinary team has deep, market leading experience in a wide range of small and mid-cap UK companies within the following sectors: Consumer, Financials, Healthcare, Insurance, Natural Resources, Real Estate, Support Services, Technology and Media. Our research on over 250 companies is distributed to an extensive institutional client base in the UK, Europe and US.
Shore Capital is a trading name of both Shore Capital Stockbrokers Limited and Shore Capital and Corporate Limited.