Cash shell One Delta has made progress in negotiating the acquisition of Audioboo and it is lending money to its proposed target.
Slovar and UBC Media have given irrevocable commitments to One Delta for their combined 78.9% stake in Audioboo but the commitments end on 8 June if no bid has been made.
Audioboo is a social media audio platform which allows professionals and amateurs to create and broadcast audio content. Audioboo has 2.3m registered users and has partnerships with the BBC, Premier League and the Telegraph.
One Delta is lending £150,000 to Audioboo – unsecured and interest free.
Trading in One Delta shares was suspended at 1.75p.
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