Audioboo has listed on the Stock Exchange today at a valuation of over £10m, and is planning to change its name to Audioboom.
The cash shell into which UBC has placed its shares in the audio social networking tool, One Delta, has re-listed its shares and they increased over 100% on re-admission earlier this morning.
And Audioboo has announced plans to rename the company as Audioboom in 21 days after a general meeting and will use the trading symbol BOOM. UBC owns 87m shares in the new company, worth £3.4m at the current share price, having invested £1.8m in Audioboo during its first three years of growth.
On the name change, Audioboo CEO Robert Proctor told RadioToday: “The major reason behind he name change is because we are now working with an ever increasing list of sports, entertainment and music companies and artists and whilst ‘Boo’ was quite a nice quirky name, as an adjective it just doesn’t work well for high profile companies, artists or sports stars…..phrases such as ‘boo me at….’ or ‘sense me all your boo’s’ is just too negative.”
UBC now moves on to complete its reverse takeover of digital music company 7digital. A further announcement on this is expected later this month.