Digitalbox acquires Tab Media, chairman to depart
Digital media business Digitalbox acquired online news publisher Tab Media for £750,000 in cash on Thursday as it announced the departure of chairman Robin Miller and detailed a proposed £1.2m subscription.
Digitalbox also launched a direct subscription of 24.48m ordinary shares of 4.9p with Downing Strategic Micro-Cap Investment Trust to raise up £1.2m and fund the acquisition.
The AIM-listed firm expects the addition of Tab to be "marginally accretive to earnings per share" in the first full year and "significantly accretive" in the second.
Digitalbox highlighted that the acquisition was on a cash-free debt-free basis.
Elsewhere, Digitalbox said chairman Robin Miller had "indicated his willingness" to resign from the position but will remain in the role in order to ensure a smooth transition of responsibilities to his successor.
As of 0845 BST, Digitalbox shares were up 6.00% at 5.30p.