LONDON, UK: Mobile Streams plc, the AIM quoted mobile content material and data intelligence company, has exercised its choice to purchase the remaining 51% curiosity in KrunchData Limited on the phrases beforehand introduced on 25 March 2021.
The £765,000 consideration will consist of £265,000 money and 166,666,666 in shares issued at 0.30p each, being the closing price yesterday, 17 March 2022.
On 25 March 2021, the Company introduced the acquisition of 49% of Krunch for £735,000, comprising £500,000 money and 90,384,615 Ordinary Shares issued at 0.26p every (being the closing market price on 24 March 2021), with an choice to purchase the remaining 51% at any time within the subsequent two years for £765,000.
As famous at that time, the rationale for the 2021 Transaction was to purchase the full rights to the expertise, systems, software program and IP provided under licence by Krunch; to terminate the income share agreement, under which 50% of Streams Data revenues were due to be paid to Krunch from January 2022 for so lengthy because the JV Agreement stays in place; and to eliminate the risk of Krunch having the ability to terminate the settlement at ninety days’ notice.
As famous above, the Company has exercised its choice to purchase the remaining 51% curiosity in Krunch for £765,000, comprising £265,000 money and 166,666,666 Ordinary Shares issued at 0.30p every (the “Consideration Shares”), being the closing market price on 17 March (together the “Transaction”).
For the year to 31 December 2021, Krunch generated revenues of £397k and a net lack of £85k.
Application has been made for admission of the 166,666,666 new Ordinary Shares which will rank pari passu with existing Ordinary Shares to buying and selling on AIM (“Admission”), with Admission anticipated to be on or round 23 March 2022.
Bob Moore, Non-Executive Chairman, commented: “The Board is happy to announce this transaction to purchase full possession and management of KrunchData. KrunchData has provided the expertise, systems, software program and IP which has enabled the Company to develop its Streams Data platform which helps the expansion of our data insight, intelligence and visualisation services and marketing optimisation tools, in addition to the rising content material revenues from Esports and gaming”.
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