musicMagpie float on AIM
April 2021
Founded in 2007 in Stockport England, musicMagpie is a leader of re-commerce in the UK and US, operating as an online retailer buying and selling refurbished electronics and second-hand computer games, consoles, books, films and music.
The Group operates through its two trusted brands, musicMagpie in the UK and Decluttr in the US.
Admission to Trading on AIM
On 22nd April 2021, admission and dealings commenced on AIM by way of a Placing of 57,187,870 Shares at 193 pence per Share.
Reasons for the admission
The Directors believe that Admission will be an important step in the Group’s development and will assist the growth of the business. In addition to broadening the Group’s shareholder base, admission to trading on AIM gives the Company the capacity, if required, to raise capital from the equity market or issue shares as consideration to support its strategic objectives as suitable opportunities arise.
The proceeds raised at the time of Admission will be used to repay existing debt facilities and fund the Group’s working capital requirements, in particular the Group’s expansion of its smartphone rental proposition
The Directors believe that Admission will further strengthen the Company’s brand, visibility and profile in the re-commerce market, and allow the Company to utilise share incentive schemes to attract and incentivise key management.
The Perivan shareholder communications team were delighted to work with Peel Hunt who were appointed Nominated Adviser and Joint Broker to musicMagpie on the successful publication of the 161-page admission document.
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