Zoo Digital ‘remains optimistic’ despite shareholder’s £800,000 cash injection
A SHAREHOLDER of Sheffield creative group Zoo Digital has loaned the company £800,000 to support working capital.
Herald Investment Trust has provided the money as a convertible loan note, accruing interest at 7.5%, which raises Zoo’s total loan notes to £2.57m.
AIM-listed Zoo Digital produces software used by companies in DVD and Blu-ray production and delivers digital media localisation and distribution services including cloud-based subtitling, captioning and dubbing.
Zoo’s chief executive Stuart Green said the loan meant the company was now “well-positioned to withstand fluctuations in our working capital requirements”.
He said: “We remain optimistic of our prospects, particularly in view of current trading within our subtitling business, to which we are adding new clients on a monthly basis.
“The growing need for localisation is independent of distribution formats, unlike some other services we have offered in the past that have been adversely affected by trends in the popularity of specific entertainment platforms.”
The company also announced that independent non-executive director James Livingston will step down from tomorrow after five years’ service. The group intends to appoint a replacement in due course.
