7digital believes funding 'should be' secured

Digital music solutions provider 7digital told investors at its annual general meeting on Thursday that it was confident that all the group's proposed resolutions would be passed.

After successfully completing a share subscription on 7 June, and with the newly constituted board now in place, the AIM-listed outfit said it should be in a position to confirm the fundraising in the near term.

Upon completion of the fundraising, 7digital's board believes the company's funding position "should be secured", positioning it well to execute on its stated strategy of leading the firm to profitability."

7digital said: "Having successfully completed the subscription announced on 7 June 2019 and with the newly constituted board now in place, we are confident that all resolutions put forward today will be passed."

As of 1045 BST, 7digital shares had slumped 3.85% to 0.25p.