Audioboom continues squeeze-out to acquire SONR

Audioboom confirmed on Friday that it had received a further acceptance of its offer to purchase the entire issued share capital of SONR News, following its announcements on 25 January and 1 February over the acquisition of SONR.

The AIM-traded firm said as a result, a further 1,828,913 consideration shares were being allotted and issued to the holder who accepted the offer, and those shares would be admitted to trading on AIM on 2 March.

It added that it was now in the process of exercising the squeeze-out rights available to it under section 979 of the Companies Act 2006 to acquire, on a compulsory basis, the remaining balance of the issued share capital of SONR, the consideration for which will be the remaining 1,943,705 consideration shares.

“The acquisition agreement provides that each of the recipients of consideration shares who have accepted the offer will not be entitled to dispose of their shares for a period of nine months after the date of admission to AIM,” the board confirmed in a statement.

“Otherwise, all consideration shares will, when issued, rank pari passu with all other ordinary shares in issue.”