AUDIOVALLEY (EPA:ALAVY) - AudioValley raises €8m in the form of convertible bonds subscribed for by asset management companies.

Transparency directive : regulatory news

18/07/2019 17:40

Press release
www.audiovalley.com

18 July 2019 - 17:40 CEST
AudioValley: Caroline Dupuis - press@audiovalley.com -
Actifin: Victoire Demeestère - vdemeestere@actifin.fr -

AudioValley raises EUR8m in the form of convertible bonds subscribed for by
asset management companies

AudioValley, the international specialist in BtoB solutions in the digital
audio sector, (ISIN Code: BE0974334667/ticker symbol: ALAVY) announces the
issue, in connection with a private placement, of a convertible bond loan
totalling EUR8m, fully subscribed for by several asset management companies
based in France, Belgium and Spain.

Alexandre Saboundjian, Managing Director and Founder of AudioValley, says: "We
are delighted with this fundraising, which allows AudioValley to finance its
future development and support the acceleration of its activities in those
countries in which it has recently established operations. It also provides the
Group with sufficient means to meet its future payment deadlines. This
operation gives AudioValley a flexible financing tool and improved visibility
to support its growth. "

AudioValley, which recently entered into an agreement with Vivendi regarding
the renegotiation of the terms of the early repayment clause for the seller
credit obtained at the time of the purchase of the majority interest in the
Radionomy/Targetspot division, now offers a better profile for considering the
establishment of an alternative solution to Vivendi's seller credit and
consequently paying off this debt before 30 October 2019 by paying the sum of
EUR15m instead of the EUR24.7m initially provided for, saving EUR9.7m.

The 800 convertible bonds issued for a face value of EUR10,000 were fully
subscribed for on 18 July 2019. These convertible bonds are in registered form
and are not admitted for trading on Euronext Growth Paris and Brussels.
However, the shares resulting from any conversion of the convertible bonds will
be admitted from such time as they are issued.

The key characteristics of the convertible bonds ("CBs") are as follows:
* Number of CBs issued: 800
* Unit face value of the CBs: EUR10,000.00
* Term: 60 months
* Interest: 6% annual
* Conversion: the CBs can be converted into ordinary shares by their holders at
  any time between their issue date and maturity date; in the event of
  conversion, the CBs will entitle their holders to a number N of new ordinary
  shares equal to the face value of one CB divided by EUR5.50. The maximum
  number of shares to be issued in the event of full conversion is 1,454,545
  shares.
* Non-conversion premium: 4% annual, capitalised until the actual repayment
  date
* Early repayment:
1) At the option of the issuer (with a minimum repayment of EUR500,000):
-  from the 3rd year, with a non-conversion premium increased to 6.5%
   (actuarial rate);
-  from the 4th year, with a non-conversion premium increased to 5.0%
   (actuarial rate); and/or
-  at any time, once the stock market price of the AudioValley share reaches
   EUR7.00 for 60 consecutive calendar days.
2) At the option of the holder of the CB at any time from the 4th anniversary
   of the Issue Date.

As a guide, the interest of a shareholder holding 1% of AudioValley's capital
will be 0.856% in the event of all the convertible bonds issued in this way
being converted into new shares.

This operation was carried out by Allegra Finance (listing sponsor and global
coordinator), Gilbert Dupont (investment services provider) and Merodis
(independent advisory firm in Belgium).

                Future updates (after the stock market closes):

                        Half-yearly results for H1 2019
                                16 October 2019

CONTACTS

AUDIOVALLEY
Caroline Dupuis
+ 32 (0) 2 466 31 60
press@audiovalley.com

ACTIFIN, financial communication      ACTIFIN, financial press relations
Victoire DEMEESTERE                   Jennifer Jullia
+33 (0)1 56 88 11 11                  +33 (0)1 56 88 11 19
vdemeestere@actifin.fr                jjullia@actifin.fr

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AUDIOVALLEY (EPA:ALAVY) - AudioValley raises €8m in the form of convertible bonds subscribed for by asset management companies.

Transparency directive : regulatory news

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