IMImobile PLC Completion of Acquisition of 3CInteractive Corp (1591K)
August 27 2019 - 1:02AM
UK Regulatory
TIDMIMO
RNS Number : 1591K
IMImobile PLC
27 August 2019
27 August 2019
IMImobile PLC
("IMImobile", the "Group")
Completion of Acquisition of 3CInteractive Corp
IMImobile (AIM: IMO), a global cloud communications software and
solutions provider, is pleased to confirm that it has completed the
Tender Offer for the acquisition of 3CInteractive Corp, details of
which were announced on 24 July 2019.
As of the expiration of the Tender Offer on Friday, August 23,
2019, a total of approximately 99.5% of the shares in 3C were
validly tendered and accepted by IMImobile for payment in
accordance with the terms of the Tender Offer.
As previously announced, $10m (GBP8.1m) of the Total
Consideration of $53.2m (GBP43.3m) will be deferred for up to two
years ("Deferred Consideration"). Selling shareholders representing
in aggregate approximately 24.5% of the shares in 3C who were
unable to demonstrate accredited investor status will, pursuant to
the terms of the Merger Agreement, receive Deferred Consideration
in cash instead of Consideration Shares. The balance of the
Deferred Consideration will be satisfied through the issue of up to
1,937,146 Consideration Shares.
The Acquisition will be completed through a second-step merger
which will result in each remaining share in 3C not purchased in
the Tender Offer being converted into the right to receive the
consideration provided in the Merger Agreement. Upon completion of
the merger, expected to complete within two business days, 3C will
become a wholly-owned subsidiary of IMImobile.
Jay Patel, CEO of IMImobile, commented: "We are pleased to
complete the Acquisition which brings complementary product
capabilities and a blue-chip customer base with significant
opportunities to cross and upsell IMImobile's enterprise CPaaS
product set. We welcome 3CInteractive to IMImobile and are excited
by the opportunities provided as a combined Group".
Defined terms in this announcement shall have the same meaning
as those set out in the Company's announcement of 24 July 2019.
- ENDS -
For further information, please contact:
IMImobile PLC c/o Newgate Communications
Jay Patel, Group Chief Executive Tel: +44 (0)20 3757 6880
Officer
Mike Jefferies, Group Chief Financial
Officer
Newgate Communications Tel: +44 (0)20 3757 6880
Bob Huxford IMImobile@newgatecomms.com
Fiona Norman
Tom Carnegie
Investec Bank - Nominated Adviser Tel: +44 (0)20 7597 5970
and Joint Broker
Henry Reast
Andrew Pinder
Tejas Padalkar
N+1 Singer - Joint Broker Tel: +44 (0)20 7496 3000
Tom Salvesen
Justin McKeegan
About IMImobile PLC
IMImobile is a communications software provider whose solutions
enable enterprises to automate digital customer communications and
interactions to improve customer experience and reduce operating
costs.
IMImobile's enterprise cloud communications software platform
orchestrates customer interactions, connecting existing business
systems with digital communications channels. Organisations that
trust us to deliver smarter digital customer engagement include
Hermes, Centrica, AA, O2, EE, BT, Foxtons, Pizza Hut, Vodafone,
MTN, three of the major retail banks in the UK and public-sector
organisations globally.
IMImobile is headquartered in London with offices across the UK,
Hyderabad, Toronto, Little Rock, Dubai and Johannesburg and has
over 1,100 employees worldwide. IMImobile is quoted on the London
Stock Exchange's AIM market with the TIDM code IMO.
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END
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