Quester portfolio company Imagesound has listed on AIM through a reverse takeover of cash shell Advance Capital Invest (ACI). The transaction has been given full approval by shareholders and ACI has been renamed Imagesound.
In addition to the reverse takeover, the company has raised £3m of new equity as well as additional bank debt in part payment for the acquisitions of TFL Music Limited and Rolec Limited. The enlarged group, encompassing all three companies will now form a leading supplier of background music, radio and TV services to the branded retail and leisure sectors. Following the acquisitions and the placing, Imagesound has a market capitalisation of £12m at the placing price of 20 pence.
Quester first invested in Imagesound in July 2000. Financial details were not disclosed.