MUSIC and video rights company One Media has announced that it will transfer to London’s junior market following chancellor George Osborne’s pledge to scrap stamp duty on shares traded on the exchange’s market.
The company, which owns rights to around 170,000 music tracks from artists including Bob Marley and Johnny Cash, currently trades on Icap’s Securities and Derivatives Exchange (ISDX) for small and medium sized businesses.
It will transfer to Aim on 18 April, the latest move to the market since it was handed a series of tax benefits. The looser regulation of Aim has encouraged a number of companies to relocate or list there.
One Media, which will have a market capitalisation of just over £5m after the move, reported a 26 per cent rise in revenues to £2.1m for the year to September. It saw profits rise 29 per cent to £428,000.
In last month’s Budget, Osborne announced that he would abolish the 0.5 per cent levy on trading shares on markets including Aim and ISDX from next April, in order to encourage investment in growing companies.
One Media makes its money by packaging its music up into compilations to sell exclusively online, as well as licensing video.