iSentia to be acquired by Access Intelligence after shareholder approval

Access Intelligence Plc shareholders have voted to approve the acquisition of iSentia following a general meeting held on Friday.

Additionally, the company has received shareholder approval for the fundraising to raise a total of GBP50 million (AUD $92,830,455.00) for the acquisition.

iSentia to be acquired by Access Intelligence after shareholder approval

The fundraising proceeds will be used, among other things, to fund the equity consideration of the acquisition and to repay the full amount of the drawn down debt of iSentia.

The acquisition is being undertaken by way of a scheme of arrangement in Australia and is subject to iSentia shareholder approval and approval of the courts in Australia.

Ed Harrison, CEO of iSentia

Under the offer, iSentia shareholders will receive A$0.175 per share in cash, this implies an enterprise value of A$67 million.

The acquisition will create a global media monitoring business, bringing benefits to clients. iSentia has struggled in recent years, and has a significant case still pending before the courts with the Copyright Agency in regards to the use and reproduction of content on its platform.

Access Intelligence is a Software-as-a-Service (SaaS) solutions provider for the PR, communications and marketing industries. Its technology is relied on by more than 3,500 organisations every day, from global blue-chip enterprises and world-leading marketing agencies to public sector organisations and not-for-profits.

It reported an annual revenue increase of 42% year-on-year to GBP19.1 million in November 2020, and a range of new clients including Amazon, Astra-Zeneca, Boots, Chanel, Dow Jones, Hulu, Levi Strauss, LinkedIn, Lotus, Nintendo, Publicis, Saatchi & Saatchi, Twitter and WWF.

In December 2020 it announced a GBP10 million (before expenses) equity issue raising and secured a GBP2 million three-year facility under the British Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

Access Intelligence chief executive, Joanna Arnold

The fundraising remains conditional on:
I. as at 8.00 a.m. on the date of the Second Court Hearing, the Scheme of Arrangement becoming unconditional;
II. compliance by the Company in all material respects with its obligations under the Placing Agreement;
III. both the Subscription and the Placing Agreement becoming unconditional; and
IV. Fundraising Admission becoming effective on or before 23 August 2021 or such later date as the Company and finnCap may agree but in any event not later than 15 December 2021.

Now the he shareholder vote has been approved, the First Court Hearing Date is scheduled on 16 July. If all proceeds, the Scheme Meeting will be held on 17 August 2021 and the scheme implementation would occur on 1 September 2021.


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