Singapore-based film producer mm2 Asia yesterday said that it would acquire 15 per cent of Rings.TV for about $2.25 million through the latter's issuance of new shares.
This, after the company on Feb 28 entered into a share subscription and shareholders' agreement with SPH Media Fund, Rings.TV, and Rings.TV's holding company, Mozat.
Under the proposed deal, SPH Media Fund would acquire 7.5 per cent of Rings.TV for about $1.125 million through the new issuance of shares by the latter as well.
Both mm2 Asia and SPH Media Fund shall have an additional option to subscribe for option shares and increase their stakes to a total of 20 per cent and 10 per cent for a total amount of about $3 million and $1.5 million respectively.
In a filing to the bourse operator yesterday, mm2 Asia said that the option shall be valid for a year from the date of the proposed agreement.
The 20 per cent call option for mm2 Asia is a slight variation to the proposed 30 per cent previously announced, so as to accommodate a 10 per cent co-investment by the Singapore Press Holdings.
mm2 Asia said that it would fund its portion of the consideration via internal cash resources.
Rings.TV is Singapore's first interactive broadcasting technology platform to stream and broadcast live concerts, performances, conferences and other events.
The mobile app allows viewers to watch and interact with live performances on the go.
In a separate filing, mm2 Asia said that the bourse operator has no objection to the proposed spin-off and listing of the UnUsUal Group of Companies on the Catalist board.
THE BUSINESS TIMES