Disposal of Interest in Round Group Limited
One Media iP Group Plc has completed the disposal of its entire 4.6% equity interest in Round Group Limited for cash consideration. Additionally, the company has renegotiated its loan arrangements with Round, resulting in an aggregate principal amount outstanding of £175,000. This transaction aims to crystallise value for One Media and its shareholders.
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One Media iP Group Plc (AIM: OMIP), the digital music rights acquirer, publisher and distributor, announces that it has completed the disposal of its entire equity interest in Round Group Limited ("Round").
Under the terms of the transaction, Round has purchased the Company's entire equity interest in Round, representing approximately 4.6% of Round's fully diluted share capital, for cash consideration.
In connection with the transaction, the Company has also agreed a variation to its existing loan arrangements with Round. Under the revised arrangements, a portion of the loan will be redrawn by Round under the existing loan facility, following which the aggregate principal amount outstanding under the loan will be £175,000.
Michael Infante, CEO of One Media, commented: "We are pleased to have completed the disposal of our investment in Round, crystallising value for One Media and its shareholders. We wish the Round team every success for the future."
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