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Times Media Group Ltd Announces Acquisition Of 32.26% Interest In Multimedia Group Limited In Ghana


Tuesday, 17 Sep 2013 01:10am EDT 

Times Media Group Ltd announced the acquisition by the Company of a 32.26% interest in Multimedia Group Limited (Multimedia) in Ghana through the subscription for ordinary and preference shares in the share capital of Multimedia, for ZAR144 million (the Acquisition). Multimedia is a radio and television business and is the independent media company in Ghana. The effective date of the Acquisition is September 12, 2013. The purchase consideration of ZAR144 million paid by TMG in respect of the Acquisition was settled as follow: TMG has invested ZAR96 million (at the current exchange rate of GHS/ZAR 4,64) by subscribing for new ordinary shares (the Ordinary Shares) such that after the subscription the Ordinary Shares are entitled to 21,51% of the enlarged issued share capital when including the new preference shares described below (the Ordinary Share Subscription); and TMG has invested ZAR48 million (at the current exchange rate of GHS/ZAR 4.64) by subscribing for new non-cumulative, redeemable, participating preference shares (the Preference Shares) such that after the subscription the Preference Shares are entitled to 10,75% of the enlarged issued share capital when including the Ordinary Shares (the Preference Share Subscription). 

Company Quote

2150.0
30.0 +1.42%
4:21am EST