London Stock Exchange welcomes musicMagpie plc to AIM, and awards it with the Green Economy Mark
London Stock Exchange today welcomes musicMagpie plc (‘musicMagpie’, the ‘Company’ or ‘Group’), a leading re-commerce business in the UK and US specialising in refurbished consumer technology, to AIM, trading under the ticker MMAG. The Company has also qualified for London Stock Exchange’s Green Economy Mark, which recognises companies that derive 50 per cent. or more of their total annual revenue from products and services that contribute to the global 'Green Economy'.
musicMagpie has raised gross proceeds of £15 million, with net proceeds being used to repay existing debt facilities and fund the Group's working capital requirements, in particular the Group’s expansion of its smartphone rental proposition. The fundraise attracted strong support from high quality institutional investors and was comfortably over-subscribed.
musicMagpie is a leader in the re-commerce of consumer technology (including smartphones, tablets, consoles, computers) with sustainability running to the very heart of its operations. The Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US in Atlanta, Georgia. Operating through its two trusted brands - musicMagpie in the UK and Decluttr in the US - the Group's core business model is simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.
The Directors believe that admission to AIM will be an important step in the Group's development and will assist the growth of the business. The Directors also believe that admission will further strengthen the Company's brand, visibility and profile in the re-commerce market. In addition to broadening the Group's shareholder base, admission to trading on AIM gives the Company the capacity, if required, to raise capital from the equity market or issue shares as consideration to support its strategic objectives as suitable opportunities arise.
Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said: "We are thrilled that musicMagpie’s circular economy model has resonated so strongly with investors, and are delighted to have received such a high level of demand for the Placing.
“Given the ongoing move to tackle the growing problem of e-waste and the fact that consumer attitudes towards buying refurbished consumer technology products are rapidly changing, we believe that there is significant potential for musicMagpie’s future growth prospects. In the UK alone, we estimate that people are sitting on around £16.5 billion worth of technology that they no longer use, and that only a small percentage of consumer technology items are currently recycled.
“The listing on AIM of musicMagpie reflects not only the success that we have enjoyed to date but also our confidence in our ability to capitalise on the favourable long-term trends that continue to drive the Company’s strong performance.”
To find out more about musicMagpie plc, please visit: www.musicmagpieplc.com