Artist & Entertainment Group Limited Acquires destra’s Digital Media Assets
Artist & Entertainment Group Limited (ASX:AEM) & destra Corporation Limited (ASX:DES) have joined forces to advance their shared vision of leading the Australian market in the development and consolidation of Digital Media.
Digital Media refers to the convergence of conventional media such as music, video, radio, television, magazines and newspapers with technologies such as the internet, mobile telephony and digital television.
The agreement provides for the following:
- AEM will acquire all of DES’s Digital Media assets. Consideration for the destra media assets will be 41,612,112 shares in AEM issued to destra and its Advisor at a price of $0.06 per ordinary AEM share;
- DES will subscribe $500,000 cash for 8,333,333 shares in AEM issued at a price of $0.06 per ordinary AEM share;
- AEM will grant destra 4,166,666 options in AEM with an exercise price of $0.06, and 4,166,667 options in AEM with an exercise price of $0.15, expiring 18 months subsequent to those respective options being granted; and
- AEM and DES will together seek out an Appropriate Business acquisition and DES will underwrite $1,000,000 of the acquisition’s consideration at no less than $0.10 per share.