Immedia float is hit for former DJ
FORMER Radio One DJ Bruno Brookes reaped a paper fortune today following the start of dealings in his Immedia Broadcasting. Floated at 110p, the shares moved ahead on the Alternative Investment Market to 112 1/2p, valuing the DJ's stake at over £2 million.
His company supplies instore radio for pharmacies such as Lloyds, and broadcasts Newsagents Radio to 2300 shops, many of which are also convenience stores. Music is interspersed with advertisements.
Brookes, a Radio One DJ for 11 years and a TV presenter who won numerous awards for his work, once lived with TV presenter Anthea Turner. She married Peter Powell in February 1990.
Powell also left the BBC to set up his own business, but it ran into trouble despite being touted as ready for a flotation in the early 1990s.
When he left the BBC in November 1999, 44-year-old Brookes set up Immedia, becoming chief executive.
The float has been 100% placed with institutions, with blue-chip groups such as Gartmore and Framlington subscribing.
Brookes' company will get £3.77 million from the placing after expenses, which will help fund further subscription stations.
Earlier this month it signed a contract to provide a radio station for 50 Dixons stores for a trial period of three months, and is at an advanced stage of launching a station for another national chain.
