Print Published 10th Nov 2017, 10:48

Be Heard to raise £5.6m to buy The Corner Communications

Be Heard Group is acquiring the integrated marketing agency The Corner Communications (London) for an initial £8.7 million and is raising £5.6 million to help pay for it.

The funds are being raised by a combination of a public share placing and an issue of convertible loan notes.  Gresham House Strategic, an existing shareholder in Be Heard, is taking up 25% of the new shares and 65% of the loan notes.  The share issue is expected to raise £2.2 million before expenses and the loan notes will provide £4 million.  Expenses are expected to absorb £0.6 million.

The loan notes will carry an interest coupon of 8% pa during the first four years and 10% thereafter if not redeemed or converted.