AUDIOVALLEY (EPA:ALAVY) - AudioValley Group acquires minority interests in its subsidiary Jamendo.
Transparency directive : regulatory news
05/11/2019 17:40
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PRESS RELEASEwww.audiovalley.com
November 5, 2019 - 17:40 CET
AudioValley: Caroline Dupuis - press@audiovalley.com -
Actifin: Victoire Demeestère - vdemeestere@actifin.fr -
AudioValley Group acquires minority interests in its subsidiary Jamendo
AudioValley, an international specialist in BtoB digital audio solutions,
(ISIN Code: BE0974334667/Ticker: ALAVY) announced the acquisition of all of
the minority interests in its music rights management and marketing subsidiary
Jamendo. The minority interests were owned by non- employee shareholders
accounting for 28.84% of the total capital. The transaction will raise
AudioValley Group's stake in Jamendo from 69.67% to 98.51%. Jamendo owns 1.49%
of its own capital.
In recent months, Jamendo (9% of total Group revenue at 9M 2019) has been
seeing renewed top-line growth, following the revival started in Q2. Indeed,
over the first nine months of 2019, the subsidiary generated revenue of
EUR2,027K, an increase of 3.0% relative to 2018. This demonstrates the first
benefits of the revival drive undertaken since the start of the year.
Among the major steps implemented, Jamendo adopted the status of Independent
Management Entity (IME) in February 2019. This European status enables the
platform to extend its reach in terms of managing and monetising music rights
on behalf of the 40,000 performers it represents. The start of 2019 also saw
the appointment of Jocelyn Seilles as the subsidiary's General Manager. The
division has gained traction since his arrival and the developments
accomplished in recent months testify to the wealth of potential value
harboured by the platform.
In this context, the transaction marks a fresh milestone in AudioValley Group's
drive to regain control over its subsidiary and fully exploit market
opportunities.
Future updates (after the stock market closes):
FY 2019 Turnover
27 January 2020
CONTACTS
AUDIOVALLEY
Caroline Dupuis
+ 32 0 2,466 31 60
press@audiovalley.com
FY 2019 Results
21 April 2020
ACTIFIN, financial communication
Victoire DEMEESTERE
+33 (0)1 56 88 11 11
vdemeestere@actifin.fr
ACTIFIN, financial press relations
Jennifer Jullia
+33 (0) 1 56 88 11 19
jjullia@actifin.fr
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