Vision Media places more shares for cash
OUTDOOR media specialist Vision Media Group has raised £120,000, by placing new shares, to expand its network of interactive screens in UK shopping centres.
The Cheadle-based business, formerly Screen FX, has sold 3.6 million ordinary shares at 3.315p each to institutional investors.
The announcement follows the placing of 12.3 million ordinary shares in early November, which raised £500,000 to fund the launch of “Iconic pods” – interactive advertising screens – in shopping centres.
Executive chairman Mike Cottman said: “We are pleased to confirm a further placing of equity in line with our previously announced fund raising for the continued development of our business.
“The first batch of our new Iconic pods has been successfully deployed and we now have 56 new portrait panels in major shopping malls.
“The new screens are currently showing our first digital advertising provided by Clear Channel Outdoor under the terms of our 10-year national advertising sales contract which has now commenced.”
The roll out plan for the advertising screens will continue throughout 2009 and Vision Media said it anticipates being able to air adverts on 250 digital panels at the end of February.
ScreenFX changed its name earlier this year and installed Dominic Brookman as chief executive after it bought his business, London’s Screen Media Networks.
