Business
Ministry of Sound & Hed Kandi
Ministry of Sound & Hed Kandi.
About this update from Tern Plc
[{"type":"text","content":"\n Core Business PLC (The)\n29 June 2006\n\n\n\nPRESS RELEASE\nFor immediate release: 29 June 2006\n\n Ministry of Sound Brand Licensing and Grant of Option\n\nThe Core Business plc ('The Core Business' or 'the Company'), the innovative\nbeauty brand building business, has won a substantial licensing agreement from\nMinistry of Sound to develop a range of personal care products for its music,\nentertainment and lifestyle brands, 'Ministry of Sound' and 'Hed Kandi'.\n\nThe Company has signed an agreement with Ministry of Sound to develop a range of\nmen's grooming products to be marketed under the Ministry of Sound name.\nMinistry of Sound is a world renowned music and lifestyle brand. The range will\ninclude men's hair care, skin care, shaving and sun care products.\n\nThe Core Business will also develop a range of women's personal care products\nfor music, entertainment and lifestyle brand Hed Kandi, which is owned by\nMinistry of Sound. The range will include hair, skin, face and body care and in\nthe longer term, colour cosmetics.\n\nProduct ranges for both Ministry of Sound and Hed Kandi are expected to launch\nin April 2007.\n\nReflecting the considerable potential of this licensing agreement, Ministry of\nSound has sought and has been granted an option to subscribe for 2,119,822\nordinary shares at a price of 4 pence per share, the equivalent of 5 per cent of\nthe Company's issued share capital. The option may be exercised at any time by\nMinistry of Sound within one calendar month of the signing of this agreement.\n\nMinistry of Sound has been granted the option to subscribe for up to a further\n5% of the Company's ordinary share capital at the date at which the option is\nexercised, at a price of 6 pence per share, within two years of the signing of\nthis agreement and an option to subscribe for up to a further 5% of the\nCompany's ordinary share capital at the date at which the option is exercised,\nat a price of 8 pence per share, within three years of the signing of this\nagreement.\n\nStirling Murray, Chief Executive of The Core Business, said:\n\n'This is a highly exciting and very significant deal for The Core Business.\nMinistry of Sound and Hed Kandi are strong, vibrant brands with enormous\npotential. This agreement, together with the share options, follows a year of\nworking closely with Ministry of Sound. It a...