7digital rights issue set to raise £5m to support growth

7digital has announced a rights issue that it will hope to raise £5m being raised from as it seeks to take advantage of potential growth opportunities.

The proceeds will be used to support and immediate commercial opportunities for the music catalogue provider.

Sectors where these opportunities lie have been singled out within home fitness, artist monetisation and social media.

However, the share price of 7digital tumbled following announcement of the rights issue, however it regained some of its lost ground latr in the morning by declining around 12%.

The issue price of 2.25p per share is a 23.7% discount to the closing price of 2.95p on 2 September.

Shares in 7dig opened today at 2.35p.

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