oOh!media Unit Signs Partnership With Airtasker; Shares Rise 7%

MT Newswires Live

2 hours ago

oOh!media's (ASX:OML) oOh!media Operations subsidiary signed a strategic partnership with Airtasker (ASX:ART), providing Airtasker with AU$5.5 million in media capital over three years in advertising services across its out-of-home assets in exchange for a AU$5 million convertible note, with a 4.9% coupon, according to a Wednesday filing with the Australian bourse.

At maturity, Airtasker can either convert the oOh!media note and accrued interest into ordinary shares at a 10% discount to the 30-day volume-weighted average share price or repay the amount in cash, the filing said.

Airtasker shares rose 7% in midday trade Wednesday.

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