AVC Immedia will acquire entire issued capital of Immedia Broadcast Limited
LONDON, UK: Immedia Group has disposed of its wholly owned subsidiary, Immedia Broadcast Limited to AVC Immedia. In addition, the company is proposing to change its name to Immediate Acquisition Plc with effect from completion of the disposal.
The Company is proposing to dispose of its main trading subsidiary, Immedia Broadcast Limited. Therefore, the Company has entered into a conditional sale and purchase agreement with AVC Immedia Limited, a company owned by Ross Penney, John Trevorrow, Keith Robertson, Euan McMorrow and Mark Horrocks in relation to the Disposal (the “Disposal Agreement”).
Under the terms, AVC Immedia Limited will acquire the entire issued capital of Immedia Broadcast Limited for a total consideration of £2.0 million, of which £1.718 million will be paid on completion of the Disposal with the balance of £282,000 payable in 12 equal monthly instalments, beginning one month after completion.
The disposal will represent a fundamental change of business for the Company, as well as a related party transaction under the AIM Rules. This is because the proposed purchaser, AVC Immedia Limited, is owned in part by Ross Penney, John Trevorrow and Mark Horrocks, each of whom are directors of the company.
On Completion, the Company intends to adopt a capital growth strategy through the monetisation of its remaining assets, in an orderly manner, and the pursuit of an acquisition of a company in the technology or fintech sectors.
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