January 7, 2018 / 11:44 PM / 5 months ago

BRIEF-Pacific Star Network To Merge With Crocmedia

Jan 8 (Reuters) - Pacific Star Network Ltd:

* ASX ALERT-PACIFIC STAR NETWORK TO MERGE WITH CROCMEDIA-PNW.AX

* CO WILL RAISE $10.0 MILLION IN CASH FROM PLACEMENT OF 40 MILLION NEW SHARES AT $0.25 PER SHARE TO PAY OUT ITS EXISTING DEBT FACILITY

* MERGER IS EXPECTED TO BE ABOUT 54% EARNINGS PER SHARE ACCRETIVE ON A PRO FORMA BASIS

* MERGER IS SUBJECT TO SHAREHOLDER APPROVAL AT A GENERAL MEETING EXPECTED TO BE HELD IN MARCH 2018

* TO BUY 100% STAKE IN CROCMEDIA IN EXCHANGE FOR ISSUING 91.6 MILLION PNW SHARES​

* ‍CROCMEDIA SHAREHOLDERS AND EXECUTIVES WILL RECEIVE 91.6 MILLION NEW SHARES IN PNW AS CONSIDERATION FOR SALE OF CROCMEDIA​

* BOARD SEES A MINIMUM OF $3.0 MILLION PRO FORMA COST SYNERGIES​ Source text for Eikon: Further company coverage:

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