LONDON (ShareCast) - (Sharecast News) - Television and multimedia content producer Zinc Media Group announced a proposed placing to raise £4m before expenses on Tuesday, to fund talent acquisition and working capital.
The AIM-traded firm said the placing was taking place via an accelerated bookbuild of new ordinary shares, at a price of 60p each.

It said £0.5m of the net proceeds would be used for talent acquisition, to take advantage of opportunities such as acquiring "regional business-winning TV talent", other business-winning creative talent, and intellectual property and format opportunities.

Another £3.3m would be used for working capital, both as a result of losses incurred due to the Covid-19 pandemic which delayed productions and commissioning during the lockdown, and to support new commissions and the delivery of pipeline opportunities.

"I am delighted that our shareholders have given such a positive endorsement of the progress we have made on the transformation plan," said chief executive officer Mark Browning.

"The group has navigated Covid with great resilience.

"We will further strengthen our business winning creative teams in the months ahead, both in Zinc Television and the new Zinc Communicate, and look forward to growth in 2021."

At 0841 GMT, shares in Zinc Media Group were down 1.64% at 60p.

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