Acquisition

RNS Number : 3260H

Aferian PLC

03 August 2021

 

AFERIAN PLC

("Aferian", the "Company" or the "Group")

Acquisition of remaining 8% minority interest in 24i Unit Media B.V

Cambridge - 3 August 2021 - Aferian plc (LSE AIM: AFRN), a software-led global media technology company that delivers modern TV experiences, is pleased to announce that it will acquire the remaining 8% minority interest in 24i Unit Media B.V and its subsidiaries ("24i").

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.

-ENDS-

For further information please contact:  

Aferian plc	[phone]
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
finnCap Limited (NOMAD and Broker)	[phone]
Matt Goode / Simon Hicks - (Corporate Finance)
Tim Redfern / Richard Chambers - (Equity Capital Markets)
FTI Consulting LLP (Financial communications)	[phone]
Matt Dixon / Emma Hall / Chris Birt / Gregory Hynes

About Aferian plc

Aferian plc (AIM: AFRN) is a software-led, global Media Technology company. We deliver modern TV experiences the way viewers want them, seamlessly integrating streaming and Pay TV services. Our award-winning Next Generation technology platforms enable operators, broadcasters and content owners to provide viewers the choice, usability and convenience they expect.

It is our belief that successful media companies and services will be those that are most consumer-centric, data driven and flexible to change. We focus on innovating technologies that enable our customers stay ahead of evolving viewer demand by providing smarter, more cost-effective ways of delivering end-to-end modern TV and video experiences to consumers. By anticipating technological and behavioural audience trends, our software solutions empower our customers to heighten viewer enjoyment, drive growth in audience share and ultimately, their profitability.

Aferian plc has two operating companies: 24i, which focusses on streaming video experiences, and Amino, which connects Pay TV to streaming services. Our two complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it. Our solutions deliver modern TV and video experiences every day to millions of viewers globally, via our growing global customer base of over 500 service providers.

Aferian plc is listed on the London Stock Exchange Alternative Investment Market (AIM: symbol AFRN). Headquartered in Cambridge, UK, the company has over 350 staff located in offices in San Francisco, Amsterdam, Helsinki, Copenhagen, Madrid, Porto, Brno, Buenos Aires and Hong Kong. For more information, please visit  www.aferian.com .

 

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