Business
Mood Media Corporation Announces Acquisition of DMX
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/...
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/\n\n\nTORONTO, March 19, 2012 /CNW/ - Mood Media Corporation (ISIN:\n CA61534J1057) (TSX:MM/ LSE AIM:MM) (\"Mood Media\") announced today that\n it has signed an agreement to acquire DMX Holdings, Inc. (\"DMX\") for\n US$86.1 million in cash including net debt repaid on closing, subject\n to certain adjustments for working capital. The equity value of the\n transaction will be approximately US$53.8 million.\n\n\nIn order to satisfy the consideration payable in connection with the DMX\n acquisition, Mood Media has today entered into placing agreements (the\n \"Placing Agreements\") in Canada and the UK to complete a private\n placement of 31,800,000 common shares, to be issued at 231 pence per\n common share (C$3.60 per common share) raising £73.5 million (C$114.5\n million) before expenses. The additional net proceeds of the private\n placement will be used for general corporate purposes.\n\n\nBoth the DMX acquisition and the private placement are subject to the\n satisfaction of various regulatory and other conditions, including\n admission of the common shares to be issued under the private placement\n to trading on AIM (\"Admission\"), the Placing Agreements becoming\n unconditional (save as to Admission) and Admission. The Placing\n Agreements contain rights under which they can be terminated for a\n breach of warranty up to Admission and are also subject to Admission\n having occurred by 8.00 a.m. on March 20, 2012 (or such later date not\n being later than March 27, 2012 as may be agreed between the parties).\n Mood Media anticipates the closing of both the DMX acquisition and the\n private placement will occur in March 2012.\n\n\nDMX \n\n\nDMX is a US provider of multi-sensory branding services, delivering\n services to over 100,000 locations.   DMX uses music, video and digital\n signage, messaging, scent, and audio/visual systems to personify and\n enhance brands to create lasting connections that encourage customer\n loyalty. In the 12 months ended 31 December 2011, DMX recorded revenues\n of US$84.6 million, EBITDA of US$16.5 million and profit before\n taxation of US$5.6 million.\n\n\nStock Exchange Matters\n\n\nThe common shares to be issued pursuant to the private placement have\n been condit...