Business
Proposed disposal of the Video Business
Proposed disposal of the Video Business.
About this update from Thruvision Group Plc
[{"type":"text","content":"\n \nRNS Number : 9993S Digital Barriers plc 09 October 2017 \n\n9 October 2017\nDigital Barriers plc\n \nProposed disposal of the Video Business\n \n \nDigital Barriers plc (AIM: DGB) (\"Digital Barriers\", the \"Company\" or, together with its subsidiary undertakings, the \"Group\"), the specialist provider of visually intelligent technologies to the global surveillance, security and safety markets, announces that it has conditionally agreed to sell the entire issued share capital of the Existing Group's Video Business to Volpi for a maximum aggregate consideration of up to £27.5 million in cash (the \"Disposal\").\n \nDefined terms used in this announcement are set out in the appendix to this announcement.\n \nThe Disposal is of sufficient size relative to that of the Existing Group to constitute a disposal resulting in a fundamental change of business, pursuant to Rule 15 of the AIM Rules and Completion is, therefore, conditional upon the approval of Shareholders. \n \nThe Board believes that the terms of the Disposal represent good value for Shareholders and appropriately values the future growth of the Video Business against the uncertain nature and timing of that growth, which could require additional funding.\n \nAs such, the Independent Directors intend to unanimously recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting as they have irrevocably undertaken to do so in respect of their beneficial holdings amounting, in aggregate, to 11,222,677 Ordinary Shares, representing approximately 6.8 per cent. of the existing ordinary share capital of the Company.\n \nSchroders Investment Management Limited has also given a letter of intent to vote in favour of the Resolution to approve the Disposal at the General Meeting in respect of 33,115,609 Ordinary Shares held or managed by it, representing 20.05 per cent of the existing issued share capital of the Company\n \nA circular (the \"Circular\") containing, amongst other things, further details of the Disposal and the notice of the General Meeting to be held at the offices of Osborne Clarke LLP, One London Wall, London EC2Y 5EB at 10.00 a.m. on 26 October 2017 will be posted to Shareholders shortly.\n \nBackground to and reasons for the Disposal\n \nThe Company conducted a f...