Investors tune in to 7Digital

The share price of AIM-listed digital music solutions provider 7Digital (LON:7DIG) surged 76.71% to 1.63p (as of 14:10 GMT) after it reached a settlement for an outstanding legal issue. The company has been released from all contracts and commitments to the Juke music service in exchange for an immediate payment of €4 million, which will be used for general corporate purposes.

CEO Simon Cole commented: “I am extremely pleased to put this period of uncertainty behind us. Whilst we would have preferred not to have been in this position, we are very satisfied with the settlement which represents the full value of all future financial commitments by Juke. The immediate injection of cash will allow us to restructure our overhead base and reposition the company for continued growth. We have had a good start elsewhere to the current financial year and will update shortly on our recent contract wins“.