AAA still 'fully committed' after Audioboom rejects offer

The AIM-traded firm said it was still “fully-committed” to continuing conversations and engaging further with Audioboom, to expanding on the merits of its possible offer and to seeking a recommendation.

It noted that shareholders representing over one-quarter of Audioboom's equity had already given their irrevocable support to the indicatively priced £12 per share possible offer, being 12.5 new AAA shares and 200p in cash for each Audioboom share.

“AAA recognises Audioboom's concern about the majority of the possible offer consideration being unquoted equity, following its forthcoming delisting from AIM on 30 July,” the board said in its statement.

“AAA continues to work actively on securing a relisting of its shares on an international exchange, and looks forward to providing ongoing updates regarding progress in due course.”

The board of AAA cautioned that there could be no certainty that its proposal would result in an offer for the company, nor as to the terms on which any offer could be made.

At 1221 BST, shares in Audioboom Group were up 0.84% at 958p.