Is this the next ASOS?

This could be an opportunity to get in early as the company builds on it's web presence and sales. Very few people are aware of this one and it is only now that they are starting to get noticed in the national press after achieving record sales in the run up to Christmas.
The company sells music related fashion to customers who want to get "the look" of their favourite bands.
With internet retailing growing at the rate it is and the massive market for this type of product, in time this could be a real winner.

www.ebtm.com



RNS Number:3459C

EBTM PLC

03 May 2006


EBTM PLC

3 May 2006


EBTM Plc
TRADING UPDATE - APRIL SALES 60% HIGHER THAN DECEMBER 2005

The Board of EBTM Plc, the AIM quoted online retail operation, announces that trading in the period to end April 2006, its year end, was above expectation.

The Company has integrated rapidly into the former e-retail business and its management is currently expanding its warehouse and distribution facilities and systems.

It also reports that sales in April were some 60% ahead of those of the previous record month of December 2005, encouraging the Board to be confident of achieving its current expansion plans.

Chairman Mark Watson-Mitchell commented

"The sales figures for April were excellent, way ahead of our previous record month, which was that leading up to Christmas 2005. Since March the Company's management, under Richard Breeden and Grant Calton, has moved apace in getting to grips with creating its ability to cope with the significant sales increases that are a major part of the expansion strategy."

For further information:


EBTM PLC 020 8704 0034


Richard Breeden (Chief Executive) 07973 563 529


Notes to Editors

EBTM Plc (AIM: EBTM) is the result of the reverse acquisition of e-retail plc in February 2006. That company acquired EBTM Limited, which was formed in April 2005 as a new online specialist retailer of music merchandise and related clothing and fashion.

The online retail operation, EBTM.com, was launched in July 2005. It currently sells licensed products from over 175 bands (from The Rolling Stones to Razorlight, from Bob Marley to Motorhead). Products include clothing, jewellery, bags and shoes. EBTM also sells several a range of associated fashion brands, (which have an association with music), including Atticus, Vans, Eastpak and Amplified.

EBTM continues to broaden and expand its sales retail offering and, over the coming months, will continue to develop its branded fashion offering.


This information is provided by RNS
The company news service from the London Stock Exchange



END


A bit more info found by foo ninja on the iii discussion board.



The man who's got the T-shirt

By Emma Vickers

3 March 2006

Retail Week

English

Copyright 2006. EMAP plc. All rights reserved.

Newly floated e-tailer EBTM is convinced band T-shirts and posters can be big business. Emma Vickers meets founder Richard Breeden

In his City-boy uniform, EBTM chief executive Richard Breeden looks more anything, rather than everything, but the music - the name of his recently floated internet fashion business.

His sharp suit, expensive watch and blue and white striped shirt are a far cry from the Led Zeppelin and Iron Maiden T-shirts that comprise the site's bread and butter. But, following the 1.5 million reverse takeover of EBTM by AIM-listed consultancy E-retail on February 3, the ex-dance music fanatic must play to an audience of investors to persuade them that music-inspired clothing has room for growth and, more importantly, that he is the one to lead it.

Breeden outlines the premise of EBTM a week after the deal. He looks tired and speaks quickly, giving the impression that he delivered the same spiel repeatedly in the weeks before and after the takeover.

He says: "We are an online-only retailer of music-related merchandise and product. The retail concept is that music is a key driver of lifestyle. The music that you listen to defines not only the clothes that you wear, but who you hang out with and where you hang out - a large part of what you do. We're trying to provide an access to that lifestyle to people that like certain types of music."

The web site sells T-shirts, accessories, jewellery, footwear and posters. It caters for fans of genres from metal, indie, rock, punk to urban. It has 40,000 registered users - 60 per cent of whom are men.

A heavy metal fan browsing the site would be able to pick up a T-shirt with the logo of Bullet for My Valentine and a co-ordinating monogrammed bullet-shaped pendant.

The appeal of the offer is arguably limited to moody teenagers listening to grungy music in their bedrooms. However, Breeden cites the broader and more affluent 16- to 29-year-old age range as his core customer base and EBTM's average basket size of 26 backs this up.

Breeden says one of the challenges he faces is widening the appeal of the site and he has plenty of ideas to do this. He intends to include more fashion to allow fans to get the look of their favourite singers. Although this is a sales device used heavily by online fashion retailer Asos, EBTM customers are more likely to want to ape the style of Babyshambles singer Pete Doherty than his ex-girlfriend Kate Moss.

The site will also stock the growing number of clothing collections designed by musicians themselves. In March, it will start selling the Adeline clothing collection designed by Green Day frontman Billie Joe Armstrong. Breeden points out that licensed product is becoming more important to artists because the revenue they once got from CDs has been hit by internet piracy. He says: "It's leading to better product development."

His goal for EBTM is to have a fashion-led homepage, with links to a broadened range of music genres, including pop. However, music fans are renowned for snobbery - would a Motorhead fan buy a T-shirt from a site that also, for instance, stocks a cosmetics range by J-Lo?

Breeden says: "It's something we're very aware of. It's not just J-Lo, it's the difference between metal and indie. But that's one of the beauties of the internet: because it's so flexible, you're able to create environments for each genre. It's not a concept you can deliver in a shop, because once you're in a shop that's the environment you're in."

Though he has limited retail experience, Breeden has more than proved his entrepreneurial credentials. At university, he channelled his passion for dance music into organising gigs and club nights. On graduating, he lived every music lovers' dream - after stints of work experience he was offered a job with EMI.

Within six weeks, he was running his own label. He says: "I spotted an opportunity - they had a (dance music) label called Tribal America and I persuaded the owner to let me set up the UK side. We became very successful. It's fortunate, but there was an opportunity and we built a fairly significant business pretty quickly."

After eight years at record labels and an MBA en route, he ended up working for merchandiser Blue Grape. He explains: "Merchandisers sign bands in the same way that a record company does. They'll go out and pay in advance to acquire rights, but instead of acquiring record rights they acquire what are effectively visual rights. The right to use the logo and all that kind of stuff."

It was while working here that the idea for EBTM was born. Breeden says: "I spent a long time looking for the right opportunity - when I say looking for, I mean sitting down and thinking it up."

He set up the business in January last year and was dealt the attention of EBTM's retail trump card in the form of executive director Quentin Griffiths, who founded and remains a stakeholder in Asos.

As well as expanding the breadth of product offer, EBTM is driving hits through print advertising in specialist titles such as NME and Kerrang. Recent coverage in Heat magazine helped drive sales of a studded Rolling Stones T-shirt and bring EBTM to the attention of a more mainstream customer base. Then, unlike Stones frontman Mick Jagger, Breeden will be satisfied.

sd, SD Hope your both dogged by good luck! Fair comaprisons of ASOS and EBTM. The earlier discussion re financials indicates that EBTM could just about be breaking even now if they were not investing in expansion (in particular, fundriasing is for expansion not to strengthern cash position). However, their objective is clearly to emulate ASOS. ASOS still only have about 20% of their target UK market and there is thus no urgency to diverge into Europe. EBTM clearly has a narrower niche and therefore Europe becomes more important. Music is very much an international language so there should not be any particular barrier to success. I haven't any reason to believe that the leading EEC countries are less oriented to internet buying than the UK; indeed a more dispersed country such as France should have higher motivation.

Re your comment, SD, on the charts, ASOS were languishing around 5p early 2004 having been launched at 15p in 2002, but announced in January a move into profitability over Christmas. You can imagine this sort of announcement next January for EBTM. This would seem to imply that a significant move forward is a year away. However, it is inevitable that the comparison will be made between the two companies and, at the least, it would be advisable to watch for early signs of movement towards profitability. Trading statment at year end, 30th April, could be one such time but probably more likely the results around July. Current price could at least be supported by the occasional RNS, specifically regarding steps being taken in Europe with the cash having been raised for that purpose.

Been brousing through the documentation on the reverse takeover of e-retailing. I suspect it is best looked at as a merger of two companies in which Quentin Griffiths has significant stakes. EBTM had the potential whilst e-retailing had the AIM listing and significant cash to put into the new business (cash at 1/4/06 of 770K). All looks fair enough.

One very interesting factor that emerged is that incentive warrants were issued to Richard Breeden (CEO) and Grant Calton (Dir of Business Development) of 6 million new ordinary shares, exercisable at 4p. The condition is the attainment of PBT of not less than 516K for 12 month period ending on either 30th April 2007 or 2008. Clearly the former is not on. The logic is clear: start the next FY with real momentum and then hold back on non-essential investment during the year. The cash raising for European expansion looks a little strange so there may be some revision of the terms for the warrants (nothing visible to me). Directors emoluments are only 85K and highest paid director received 49K so the warrants are essentially in lieu of salary for the first two years. How do you read this, sd?

If my reading is correct, EBTM should be moving into profit by the interims next January. Therefore we should be rerunning the ASOS scenario then from Jan 2004 although on a smaller scale.

Eric (WOB-wise old bird)

Let's hope it does not induce RB to capitalise marketing expenses! I would be delighted, but surprised to see PBT of 1/2mil by April 2008. I'd be happy to see us reach profitability for H2 2008, which may or may not result in actual breakeven/profit for full year 2008.

Definitely not on to capitalise marketing expenses. However, reasonable to capitalise business development in Europe, i.e. Grant Calton's task - relatively easy to define costs becuase they will be aprt of his budget. That way, early development in Europe could contribute to the pbt target without incurring disproportionate cost. All seems to fit together. Interestingly, the hoodless brennan paper misses this aspect completely (happy to send you a copy if you would like to see it).

Yes, please - love to see Hoodies paper. TIA

wonder if they have one on Brainspark ;-) BSP

maestro: Don't seem to. You can access the site on www.hoodlessbrennan.com They don't restict access, even to maestros, but the EBTM paper has not been posted.

Maestro, is BSP where you park your brains?

Many thanks to Radarlove......

I chatted on the phone to EBTMs CEO, Richard Breedon, this week. Below is the interview. Anyone who wishes to copy and paste it onto another financial BB is welcome.
_______________________________________________________________

The online retail industry is growing at a sizzling rate and is now the hottest ticket in town.

The Interactive Media in Retail Group (IMRG) has forecast that online sales in the UK will rise by 40% to 42 billion in 2007, up from 30 billion last year. And said that during last December a record 183m was spent online in Britain on December 4th and again on the 11th.

Never has it been a better time for budding entrepreneurs to go online and create the next big retail story, and Richard Breedon, CEO of EBTM (Everything But The Music), believes his company will become the largest and best known music fashion retailer in Europe.

While founded in 2005, as a result of a 1.5m reverse takeover of EBTM by E-Retail during February 2006, the fashion business now resides as a listed company on AIM and is attracting a growing number of investors. Its present share price is 5p.

So, whats it like to be a 35 year-old CEO of a floated company whose previous business experience includes being a label manager at EMI?

It is a very positive experience. It allows you to expand your business much more quickly.

Comparisons with ASOS, the second largest online UK fashion retail company, are natural, as the former co-founder of the company, Quentin Griffiths, was the man behind the reverse takeover.

People compare us to ASOS but I dont see them as a threat, explained Richard. The music fashion market is growing very fast, so there is plenty of room for a variety of businesses.

I monitor what other companies are selling, but I am not too concerned about how they will affect EBTMs growth. We already have a well defined business model and I have a clear picture of how I want the company to expand.

The website sells T-shirts, leather jackets, trousers, shorts, dresses, skirts, shoes, jewelry, gifts and general accessories, covering every avenue of music, from metal and rock to indie, punk, cult and urban.

It presently has over 60,000 registered users paying an average basket size of 28. Around 60% of customers are male.

We are spending 125,000 this year on improving the website to make it more cohesive and easier to use, continued Richard. There will be a separate men and womens section and each different music market will be better defined. We will also use this money to improve the warehouse logistics.

EBTM is expanding so quickly that already they are having to move from their existing 4,000 sq. ft warehouse to a 15,000 sq. ft one. Richard commented, We hope the new building will be large enough to cover the next two years of expansion.

Being an ambitious and driven young man, he is already plotting to dominate Europe.

Up to 80% of our items would sell well in European countries. We are looking at 3 territories, initially, which we feel have interesting opportunities. Each European country is at a different stage/evolution of internet use. Therefore, we need to choose markets that are more mature - where buying online is widely accepted.

He continued, We aim to have a local business presence in that country including a marketing and promotions arm along with a customer service for returned products.

Adding, We aim to start the expansion this year. It will be done at a sensible and measured pace.

EBTM enjoyed a bumper Christmas with sales for the six weeks leading to Xmas up 275% on the previous year. Net sales were in excess of 350,000, beating the companys target.

One of its best selling merchandise was the clothing for the popular Indie group My Chemical Romance - in particular, a stylish-looking leather jacket. The first own-product range produced by EBTM.

They were a great success, smiled Richard. And we are now expanding the range with jackets and trousers for women along with other accessories.

This year, EBTM plan to produce an increasing number of own-product ranges for a variety of Indie bands.

I come up with the majority of fashion ideas, although my staff of 12 help out by giving opinions and offering input.

While Richard is reluctant to offer an estimated turnover figure for 2006-07, the end of April final numbers should see a turnover of between 1.2m and 1.5m - close to 1,000% increase from the previous year.

The big burning question for any potential investor is when does the company expect to be profitable?

Again, Richard is reluctant to comment, citing the moneys required for expansion, but given the companys present dramatic growth rate, EBTM could be in profit by as early as 2008.

One impressive aspect of this small business is there Non-Executive Director. None other than David Howell, a former Director and Chief Financial Officer of Lastminute.com, who presided over the companys market capitalisation growth from 34m to 600m as well as its sale in 2005 to rival Sabre for 607m.

David brings us much business knowledge and insight, explained Richard. In particular, his M&A experience, as EBTM will be looking out for acquisitions from 2008 onwards.

For Richard, EBTM has a very rosy future and he forecasts continued rapid growth as the music market diversifies ever further into fashion and increasing numbers use the internet for purchases.

My ambition is to turn EBTM into the largest and best known music fashion business in Europe, said Richard.

Music plays an important role in youth culture and music fashion will continue to grow and become an ever more important element within both the mainstream and indie music markets.
_______________________________________________________________

Website: www.ebtm.com
email: mail@ebtm.com
Tel: 0208 704 0034
Address: Unit A1, The Riverside Business Centre, Haldane Place, London SW18 4UQ.
________________________________________________________________________________

Many thanks, Trigger, excellent post. Gives very clear idea of: (a) growth expectations for next two years of 100% p.a. based on warehouse area needed; (b) investment in improving web-site and logistics; (c) reticence about timing of break-even but suggestion that 2008 about right (note that options depend on profit in year ending April 2008); (d) clarification of European strategy (start this year, three markets identified, local marketing and promotion + returns; (e) movement to acquisition policy from 2008. Interested to hear stockdog's comments.

Up 0.25 yesterday, hope it doesn't move to quickly as I'm trying to get funds together to top up.



EBTM PLC
20 February 2007

EBTM Plc

20 February 2007



EBTM Forges Alliance With Metal Hammer



EBTM Plc (Everything But The Music) the online retailer of music inspired
fashion has partnered with the UK's leading monthly metal/rock music magazine
Metal Hammer. EBTM will create and run a co-branded webstore, selling metal and
rock inspired clothing, footwear and band merchandise.


The new store will provide a retail outlet at www.metalhammer.co.uk serving
Metal Hammer's dedicated readers and visitors and should increase sales in
EBTM's successful heavy metal inspired fashion range.


The store will be promoted extensively online and in Metal Hammer's editorial
content. The affiliate partnership agreement will take effect from April 2007.


-ends-


Date: 20th February 2007

For further information contact:

EBTM plc cityPROFILE
Richard Breeden, Chief Executive Matthew Cole
Tel: 020-8704-0034 Tel: 020-7448-3244
www.EBTM.com

3rd May

EBTM Plc Trading Update

EBTM Plc, the online music inspired fashion retailer, has today announced a trading update for the financial year ending 30th April 2007.

Sales continue to grow rapidly, surpassing #1.3 million for the year ending 30th April 2007. This represents a 299% increase year on year.

Progress in the second half of this financial year has been in line with management expectations, and will show a loss significantly below that of the first half year.

EBTM.com received over 241,000 unique visitors in April 2007 and is now moving steadily toward operational profit on a monthly basis.

Richard Breeden, Chief Executive, commented:

"Music is an increasingly key driver of fashion and the continued projected rapid growth of online sales, highlighted again by IMRG's latest research, means we are very well placed for the future."

This is a nice little company with a clear niche in which it should enjoy a leadership business. Wouldn't see ASOS as a threat because they have plenty of opportunity with their own business model - generic growth plus new geographical markets - no point in going for a relatively small vertical niche market like music. EBTM seem to be replicating their growth and making the right decisions. I suspect they will move into monthly cash flow generation shortly - I beleive there are significant incentives for management to do so this year just starting.

Eric

one for the old mods and rockers!! good long term prospects but a little early for me yet-though I've been watching it. Hi Eric how are you? I was supposed to be on jury duty this week but day one got sent home as not picked, day 2 waited around for a couple of hours and the case was cancelled as he or she pleaded guilty so sent home for the rest of this week---now enjoying the fantastic weather here on dartmoor.

bought a few at 4.25p a few days ago...looks like i was right to

Amazingly it's a year to the day since I started this thread and adding to my holding when I can. It's nice to be showing blue again and hopefully it wont drop back.
One thing I was dissappointed about was the new website design. Maybe it's me but I prefer the old one.
Hopefully it's my age and I'm not with the in thing nowadays lol.

Hi, moneyplus. Expect you're doing pretty well on the investment front. Lucky you didn't land a year long case - I'm surpsied how poorly the jury are treated. Incidentally, EBTM are one to tuck away. They won't achieve the levels od ASOS but should move ahead rapidly when they hit positive cashflow which should be in the next year.

Good luck, Eric

Anyone following this one will be aware of this RNS. Iv'e been on holiday and just catching up but feel it should be posted to help provide as much info as I can find.

09 May 2007

EBTM Plc


ANNOUNCEMENT OF KERRANG! MEDIA PARTNERSHIP AND LAUNCH OF
NEW WWW.EBTM.COM WEB PLATFORM
* Media Partnership agreed with Kerrang! the UK's biggest weekly rock


magazine
* New web platform launched, enabling new strategy and rapid growth


EBTM plc, the online retailer of music inspired fashion, today announces an important new partnership with Kerrang!, the world's biggest selling weekly rock magazine, operated by EMAP Publishing.

EBTM plc will create and run an exclusive co-branded webstore, selling music inspired clothing, footwear and band merchandise to Kerrang's dedicated music fans. The new store will provide a retail outlet at www.kerrang.com which currently attracts around 180,000 unique visits per month with a registered user database of 60,000.

This revenue share-based partnership should increase sales of EBTM plc's existing rock and metal inspired range. The store will be promoted extensively online, via Kerrang!'s weekly email newsletter and in Kerrang! magazine's editorial content.

The partnership agreement will take effect from June 2007.

EBTM plc has also launched its new website at www.EBTM.com as the first phase of the IT investment programme announced in its interim results. The IT project is ongoing, with the next stage of back-end systems improvements already underway.

The re-modelled site represents a major step forward for EBTM plc providing a significantly enhanced customer experience and new functionality key to implementing our strategy:


Each music genre now has its own look and feel, enhancing brand authenticity and facilitating highly targeted marketing in numerous genres of music inspired fashion

We now have the ability to provide co-branded stores to media partners and intend to develop further revenue share-based relationships with online and offline partners

We have split the navigation for the Men's and Women's shops on EBTM.com, providing a clearer customer focus

We now have the ability to quickly and cheaply provide country-specific versions of the site
In addition, we expect that the new site will increase visits-to-sales conversion by providing enhanced product imagery, sophisticated search, better merchandising and an easier transaction process.

EBTM PLC
01 June 2007

EBTM plc


Placing by Blue Oar Securities Plc of 110,526,315 new Ordinary Shares of 0.5p
each to raise 5.25 million ('the Placing')

Acquisition of the Lowlife group of companies ('the Acquisition')

Placing

The Board of EBTM plc ('EBTM' or 'the Company') is pleased to announce that it
has raised conditionally, through Blue Oar Securities Plc, 5.25 million, before
expenses, by way of a placing of 110,526,315 new ordinary shares of 0.5 pence
each in the capital of the Company ('Placing Shares') at 4.75 pence per new
Ordinary Share ('Placing') which is a discount of 17.4 per cent. to the closing
mid-market price on 31 May 2007.

The Placing will take place in two instalments. The first instalment will be in
respect of 62,800,000 of the Placing Shares ('the First Placing Shares').
Application will be made for the First Placing Shares to be admitted to trading
on AIM ('Admission') with Admission expected to take place on 6 June 2007 ('the
First Placing'). The Placing of the balance of 47,726,315 of the Placing Shares
('the Second Placing Shares') is conditional on the passing of resolutions at an
extraordinary general meeting of EBTM to be held on 25 June 2007 to increase the
authorised share capital of the Company and to grant the necessary authorities
to the directors pursuant to the Companies Act 1985 ('the Second Placing').
Application will be made for Admission of the Second Placing Shares which is
expected to take place on 26 June 2007 subject to the passing of the resolutions
put to the EGM.

Acquisition of Lowlife

Today, the Company also announces that EBTM has entered into a contract to
acquire the entire issued share capital of the Lowlife group of companies ('
Lowlife'), comprising Core Brands Group Limited and its subsidiaries and
Twentyfour Seven Trading Limited ('the Acquisition').

Lowlife is a wholesaler and on-line retailer of clothing and accessories in the
area of music inspired fashion. Its product range and marketplace are highly
complementary with that of EBTM and represent approximately 10% of EBTM's
current retail sales.

For the year ended 31 December 2006, Lowlife's profits before tax were 646,000.
At that date it had net assets of 846,000.

EBTM is paying consideration of 4.75 million to acquire Lowlife, to be settled
as follows:

1.5 million by way of an issue of 26,548,672 new ordinary
shares of 0.5p each in the Company to the vendor of Lowlife ('Consideration
Shares'); and

3.25 million in cash, to be financed out of the proceeds
of the First Placing and the Company's own resources.

It is anticipated that completion of the Acquisition will take place on 6 June
2007, following admission of the Consideration Shares and the First Placing
Shares to trading on AIM ('Admission').

Board

Following completion of the Acquisition, Dale Masters, the vendor and managing
director of Lowlife, will join the Board of EBTM. Dale founded Lowlife in 2001
and as Managing Director has developed, manufactured and marketed a number of
leading music orientated / youth culture brands, including Atticus and Lowlife
in the UK, Spain and internationally. Prior to this, he worked for French
Connection in the UK and the Far East. He has a degree in Marketing and
Accounting from Victoria University, Melbourne.

Dale has entered into a service agreement with the Company, terminable on 12
months' notice, under which he will be paid a salary of 100,000 per annum and
will be entitled to a bonus of up to 62.5 per cent. of salary and options to
subscribe new ordinary shares at an aggregate subscription cost of up to 62.5
per cent. of salary (depending on the performance of the company in the year to
30 April 2008).

Reasons for the Acquisition

The Board of EBTM believes that in view of the complementary nature of both
businesses there will be a number of opportunities of a trading and operational
nature where revenues and margins can be enhanced and costs saved.

Atticus

Lowlife's products are marketed under a variety of brand names, some of which
are the subject of third party ownership and for which it pays royalties for the
right to use the brand name. Atticus is one such brand and Lowlife has agreed to
acquire the intellectual property rights in the Atticus clothing brand from
Really Likeable People Inc ('RLP') ('the Atticus Agreement').

The consideration payable under the Atticus Agreement is US$ 4.2 million in cash
on completion which is to be no later than 9 July 2007. This acquisition will
not only save the royalties currently being paid by Lowlife to RLP but will also
provide a revenue stream from existing licensing arrangements with third party
distributors in North America and provide further opportunities to develop new
royalty revenues.

Accordingly, the Second Placing also includes sufficient new funds to permit the
Company to finance the completion of the Atticus Agreement, as well as an amount
to finance the working capital requirements of EBTM as enlarged by the
Acquisition. The Directors intend to raise up to 1 million of debt finance to
add further to the Company's financial resources.

Extraordinary General Meeting

Shareholders have previously approved sufficient authorities to permit the
Company to issue 89,500,000 new ordinary shares of 0.5p each, enabling the
Company to issue the Consideration Shares and to raise the cash element of the
consideration for the Acquisition from the proceeds of the First Placing to the
extent of 2,983,000, with the balance being paid from existing cash balances.

An increase in the authorised share capital and the authorities to allot and
issue shares are required in order for the Second Placing to proceed. The
Second Placing is therefore subject to the approval of shareholders. For this
purpose, an Extraordinary General Meeting of the Company ('EGM') will be held on
25 June 2007.

Appointment of Broker

EBTM is also pleased to announce the appointment of Blue Oar Securities Plc as
Broker to the Company with immediate effect.

Placing and Acquisition statistics

Placing
Placing price per Ordinary Share 4.75p
New Ordinary Shares to be issued to finance the cash consideration
for the Acquisition 62,800,000
New Ordinary Shares to be issued conditionally on shareholder
approval 47,726,315
____________

Total number of new Ordinary Shares to be issued pursuant to the
Placing 110,526,315
____________

Acquisition
Number of new Ordinary Shares to be issued to the vendor of
Lowlife 26,548,672
____________

Total number of new Ordinary Shares to be issued pursuant to the
Placing and Acquisition 137,074,987
============

Enlarged issued share capital 247,574,987
============

I'm not afraid to show my lack of experience here, and would welcome views from others that understand the numbers far better than I do.

First impression is I'm shocked really. This is a massive move for EBTM at this stage of it's development.

Looks exciting and appears they mean business, but that's a massive amount of shares introduced.

As I type the share price has only dropped 0.25 which I see as a positive sign.