SyQic plc (AIM:SYQ), a fast growing OTT provider of live TV and on-demand paid video content across mobile and internet enabled consumer devices, today announces the phase one launch of its Yoonic OTT (“Over The Top”) model in the United Kingdom, as outlined by the Company at the time of its successful admission to AIM on 4 December 2013.
SyQic plc, a fast growing OTT provider of live TV and on-demand paid video content across mobile and internet enabled consumer devices, today announces the commencement of dealings of its Ordinary Shares on the AIM market of the London Stock Exchange under the code SYQ. Allenby Capital Limited is acting as Nominated Adviser and sole Broker to the Group.
Allenby Capital, together with the Company, raised £3.2 million in an over-subscribed fundraise, of which £2.45 million was raised as new equity for the Company. The net proceeds of the Placing, along with existing cash resources, will be used by the Company for business expansion, in particular, to launch the Group’s services in the UK and Continental Europe. In order to achieve this strategy, the Company will initially focus on content acquisition, research and development, establishing local and regional distribution hubs, sales and marketing and the efficient use of working capital to launch new services and grow organically and by acquisition.
Admission and Placing Statistics
Placing Price62 pence
Number of Ordinary Shares in issue immediately following Admission23,198,845
Market Capitalisation of the Company at the Placing Price on Admission£14.4 million
Gross proceeds of the Placing£3.2 million
Gross proceeds of the Placing receivable by the Company£2.45 million
Commenting on the Company’s AIM listing, Jamal Hassim, Group Chief Executive Officer of SyQic, said:“The Board is delighted to have successfully completed the IPO and to have raised funds to facilitate the next stage of the Company’s development. With the international roll out of SyQic’s OTT mobile video streaming platform, Yoonic, the Board believes that the Group is poised for future growth, and we look forward to working alongside our new shareholders to achieve this.”
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7933 8780
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Abchurch Communications Limited
Henry Harrison-Topham / Joanne ShearsTel: +44 (0) 20 7398 7719
Notes to Editors:
SyQic is a fast growing OTT (Over The Top) provider of live TV and on-demand paid video content across mobile internet-enabled consumer electronics devices such as mobile phones and tablets through its “Yoonic” platform. Yoonic has efficient mobile video streaming as its core offering and allows for close to high definition streaming, utilising adaptive bit-rate streaming technology that matches the available bandwidth through the Group’s proprietary encoding methodology, and can stream as low as 80kbps.
The Group has access to over 20,000 titles of online video-on-demand content as well as over 70 live television feeds comprising English language based content and native language content for a number of ‘home markets’ in Asia and their international migrant communities. The content is delivered through SyQic’s platform via a number of channels in the movies, drama, music, sports, news, lifestyle and general entertainment genres.
The Group, which is incorporated in Jersey and headquartered in the UK, already has a significant service footprint in the Philippines, Indonesia and Malaysia and near term launches are planned for the UK (before the end of 2013), followed by mainland Europe, Indochina, Myanmar, Singapore, Pakistan and Bangladesh with a planned launch of the Group’s service in the US over the next 18 months.