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Targetspot S.A. Capital/Financing Update 2019
4007_iss_2019-11-29_0c8bbea3-8879-4b32-a7e8-458291d2f588.pdf
Capital/Financing Update
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PRESS RELEASE
www.audiovalley.com
November 29, 2019 – 17:40 CET AudioValley: Sébastien Veldeman [email protected] Actifin: Victoire Demeestère [email protected]
Acquisition of Radionomy/TargetSpot: extension of the agreement with Vivendi on the vendor credit early repayment
AudioValley, an international specialist in BtoB digital audio solutions, (ISIN Code: BE0974334667/Ticker: ALAVY) announces that it has signed a new agreement with Vivendi on the renegotiation of the terms of the vendor credit early repayment clause established during the acquisition of the majority stake in the Radionomy/TargetSpot activity.
In August 2017, AudioValley acquired the 64.4% stake held by Vivendi in Radionomy Group BV. AudioValley now owns 98.53% of the company's capital.
At the end of June 2019, the vendor credit balance related to the financing of this operation stood at €24.8 million, payable in cash in several annual instalments between 2019 and 2025.
In July 2019, AudioValley negotiated the terms of the seller credit prepayment clause: if the debt was prepaid in full before 30 November 2019, AudioValley would receive a discount bringing the payment to €16m.
With the agreement announced today, AudioValley is able now repaid Vivendi in advance with an initial payment of €13m by 20 December 2019 at the latest (instead of 30 November) and the balance before March 2020.
Future updates (after the stock market closes):
FY 2019 Turnover 27 January 2020
FY 2019 Results 21 April 2020
CONTACTS
AUDIOVALLEY Sébastien Veldeman + 32 (0)2 466 31 60 [email protected]
ACTIFIN, financial communication Victoire DEMEESTERE +33 (0)1 56 88 11 11 [email protected]
ACTIFIN, financial press relations Jennifer Jullia +33 (0) 1 56 88 11 19 [email protected]