CAMBRIDGE, LONDON: Aferian plc, a software-led global media technology company that delivers modern TV experiences, will acquire the remaining 8% minority interest in 24i Unit Media B.V and its subsidiaries.
Further to the Company’s interim results announcement released earlier today, the Company has received an exercise notice from the founders of 24i with regards to their intention to exercise the put option agreement (“Put Option”) that formed part of the acquisition as announced on 15 July 2019. The Put Option was over the remaining 8% minority interest in 24i. Upon completion of the acquisition of the outstanding 8% minority interest, 24i and its subsidiaries will be wholly-owned subsidiaries of the Company.
The amount due to the founders of 24i under the Put Option is €3,305,248 ($3,900,193), which is the same price paid per share as for the 92% shareholding acquired in July 2019. In accordance with the Put Option, it is at the Company’s election as to whether the consideration is settled by either cash or the issue of new ordinary shares in the Company (“Ordinary Shares”).
The Company has up to 15 business days from the exercise notice to make this election. It is anticipated that the Company will pay cash of €1,000,000 ($1,180,000) with the remaining €2,305,348 ($2,720,193) to be settled through the issue of Ordinary Shares. The number of Ordinary Shares to be issued is dependent upon the volume weighted average price of an Ordinary Share for the 60 business days prior to today’s date. A further announcement will be made in due course.
Under the terms of the acquisition, the Ordinary Shares are subject to a lock-in between the 24i vendors and the Company that restrict the 24i vendors from disposing of the new Ordinary Shares for a period of 12 months.
Following the completion, the Company will benefit from the inclusion of a further 8% of the results of 24i and its subsidiaries.