- Podcast company Audioboom said it had entered into a $4m secured loan facility arrangement with SPV Investments, a special purpose vehicle owned equally by chairman Tobin Ventures and Candy Ventures, the company's largest shareholder.

The facility would be drawn down in accordance with an agreed cash flow forecast schedule and had a minimum draw down amount of US$200Km attracting an interest rate of 8% per annum.

It also included an $80K arrangement fee payable on the first draw down, equivalent to 2% of the full US$4m available under the facility. The interest rate payable would increase to 12% per annum in the case of default on repayment by Audioboom.

'This non-dilutive financing should fund Audioboom through to sustainable positive cash generation and allows the management team to remain focussed on delivering further growth in what is an increasingly exciting market,' Audioboom said.

'We have made a strong start to the year with bookings for 2020 ahead of management expectations,' it added. At 9:27am: [LON:BOOM] Audioboom Group share price was +15p at 227.5p

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