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HMV Digital China to buy Vantage Metro at up to $713M
19 Jun 2017
(Infocast News) HMV Digital China (08078) has entered into a Share Purchase Agreement for the purchase of the entire issued share capital of Vantage Metro from Redsox Investment, Wealth Synergy and 27 other shareholders.

Vantage Metro is principally engaged in, amongst other things, the business of an investment company. The group is an integrated entertainment group primarily engaged in the investment in and production of motion pictures projects, including, but not limited to, a number of blockbuster movies which are one of the highest grossing Taiwanese films, namely, "Our Times", in the PRC. The group also has distributed other Taiwanese box office hits and Golden Horse Award Winner.

The initial consideration for the acquisition is US$6 million, which is to be settled and discharged by the purchaser by the issue and allotment of 155.6 million new shares of HMV Digital China.

The aggregate consideration of the acquisition may be up to approximately HK$713.418 million (US$91.699 million), subject to a consideration-share cap representing 15% of the enlarged issued share capital of HMV Digital China.

The issue price of HK$0.3 per consideration share represents a premium of approximately 8.33% to the closing price of HK$0.275 per share as quoted on the Stock Exchange on 16 June 2017.

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