Supplemental Report - Sale OfferSource: RNS
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF MAR.
June 20, 2019
Re: Supplemental Report - Sale Offer
Further to the previous announcement made by Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) (the "Company") on April 4, 2019 (RNS Number 2145V) regarding a conditional offer received by the Company for the sale of all of its shares in Team Internet AG ("Team Internet") (90%) to an entity to be formed by Rainmaker Investments GmbH and a partner designated by it (the "Potential Purchaser" and the "Sale Offer", respectively), and subsequent announcements from May 15, 2019 and June 10, 2019 (RNS Number 9410Y and 6413B, respectively) regarding the extension of the due diligence and negotiation period, the Company hereby announces that due to changes in compliance requirements, a handful of its customers have been deactivated. These changes may have a negative impact on the Company's financial results, though the exact impact would depend on the outcome of various actions that are being taken by the Company in order to mitigate the effect of these changes.
As a result of this issue the Potential Purchaser has informed the Company that it will require additional time to assess the Company's business and financial position and evaluate the feasibility and pricing of a revised purchase offer, which shall reflect lower economic values compared to the original Sale Offer. The Company expects to continue discussions with the Potential Purchaser concerning a transaction, along with other alternatives that may be available to the Company. The Company shall convene, in the following days, a bondholders' meeting to provide updates as to the various options relating to the sources for, and timing of, the bonds' repayment.
THE NEGOTIATIONS RELATING TO THE TERMS OF THE POTENTIAL SALE OF TEAM INTERNET SHARES ARE STILL OUTSTANDING AND THERE IS NO CERTAINTY THAT SUCH NEGOTIATIONS WILL RESULT IN A BINDING AGREEMENT OR THAT SUCH AGREEMENT WOULD BE CONCLUDED.
The announcement is prepared for convenience purposes only and it does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities of Matomy in any jurisdiction or an inducement to enter into any investment activity.
This announcement includes forward-looking statements, which include all statements other than statements of historic facts, including, without limitation, those regarding Matomy's and/or its subsidiaries' (the "Group") financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company, its directors and its or their advisers expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the Rules of the High Growth Segment.
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) is a global media company. Founded in 2007 with headquarters in Tel-Aviv, Matomy is dual-listed on the London and Tel Aviv Stock Exchanges.
Press Contact Information:
Noam Yellin, Noam@smartteam.co.il, +972544246720
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