- Digital media business Digitalbox said it had acquired Tab Media for £750,000 in cash and said it would raise £1.2 million through an equity subscription offering to fund further acquisitions.

Tab Media runs an online news website, The Tab, covering youth and student culture for UK university students.

The company announces a proposed direct subscription to raise £1.2 million, before expenses, through a subscription for 24,489,795 new ordinary shares at a price of 4.9 pence.

The subscription was conditional on shareholders' approval at a general meeting of the company. The proceeds of the subscription would be used to accelerate the Company's growth strategy through further acquisitions, the company said.

The company also said that chairman Robin Miller had indicated his intension to resign.

At 9:55am: [LON:DBOX] share price was +0.7p at 5.7p

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