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Times Media Group Ltd Announces Fulfilment Of Suspensive Conditions In Connection With The Disposal Of Interest In I-net Bridge Proprietary Limited


Monday, 18 Nov 2013 07:45am EST 

Times Media Group Ltd announced that further to the announcement made earlier, advising that the Company, through its wholly-owned subsidiaries Avusa Media Proprietary Limited, BDFM Publishers Proprietary Limited and Library Network Proprietary Limited (collectively referred to as Times Media), had entered into an agreement (the Sale Agreement) with McGregor BFA Proprietary Limited (The Purchaser), in terms of which Times Media disposed of its 100% shareholding in, and all claims of whatsoever nature against, I-Net Bridge Proprietary Limited to the Purchaser. The Company now announced that the suspensive conditions set out in the Disposal Announcement have been fulfilled and, accordingly, the effective date occurred on November 15, 2013 and the Sale Agreement has become unconditional in accordance with its terms.