TIDMMTMY
RNS Number : 3314S
Matomy Media Group Ltd
08 March 2019
March 8, 2019
Updated Sources and Expected Uses of Funds Statement (excluding
Team Internet) for 2019-2020
Pursuant to Sources and Expected Uses of Funds Statement (Solo,
excluding Team Internet) for 2019, as was published on January 3,
2019, and to the Updated Key Features for the Proposed Plan issued
on January 9 and January 23, 2019, Matomy Media Group Ltd. (LSE:
MTMY, TASE: MTMY.TA) ("Matomy" or "Company") announces the
publication of its Updated Sources and Expected Uses of Funds
Statement (Solo, excluding Team Internet) for 2019 and 2020.
The information contained within this announcement may be deemed
by Matomy to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Cautionary statement regarding forward-looking statements
This announcement includes certain forward-looking statements,
forecasts, estimates, projections and opinions. These
forward-looking statements may be identified by the fact that they
do not relate only to historical or current facts or the use of
forward-looking terminology, including the terms "believes",
"estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. Forward-looking statements include statements regarding
the business strategy, objectives, financial condition, results of
operations and market data of the Company and its subsidiaries (the
"Group"), as well as any other statements that are not historical
facts. These statements reflect the Company's current view with
respect to future events and are based on assumptions made the
Company (including, without limitation, assumptions concerning
currency exchange rate fluctuations, requirements of additional
capital, costs of closure of various operations and changes to
regulations) and information currently available to the
Company.
Although the Company considers that these views and assumptions
are reasonable, by their nature, forward-looking statements involve
unknown risks, uncertainties, assumptions and other factors because
they relate to events and depend on circumstances that will occur
in the future whether or not outside the control of the Group.
These factors, risks, uncertainties and assumptions could cause
actual outcomes and results to be materially different from those
projected. Past performance cannot be relied upon as a guide to
future performance and should not be taken as a representation that
trends or activities underlying past performance will continue in
the future. No representation is made or will be made that any
forward-looking statements will be achieved or will prove to be
correct. These factors, risks, assumptions and uncertainties
expressly qualify all subsequent oral and written forward-looking
statements attributable to the Company or persons acting on its
behalf.
The forward-looking statements speak only as of the date of this
announcement. Each of the Company and its respective affiliates
expressly disclaim any obligation or undertaking to update, review
or revise any forward-looking statement and disclaims any
obligation to update its view of any risks or uncertainties
described herein or to publicly announce the result of any
revisions to the forward-looking statements made in this
announcement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based or otherwise,
except as required by law.
No statement in this announcement is intended, or is to be
construed, as a profit forecast or estimate or to be interpreted to
mean that earnings per Company share or overall earnings for the
current or future financial years will necessarily match or exceed
the historical published earnings per Company share or overall
earnings.
About Matomy
Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) is a global
media company. Founded in 2007 with headquarters in Tel-Aviv and
offices around the world, Matomy is dual-listed on the London and
Tel Aviv Stock Exchanges.
Press Contact Information:
Noam Yellin, Noam@smartteam.co.il, +972544246720
Website: http://investors.matomy.com
LinkedIn: www.linkedin.com/Company/matomy-media-group
Twitter: @MatomyGroup
Facebook: www.facebook.com/MatomyMediaGroup
Matomy Media Group Ltd. - Sources
and Expected Uses of Funds Statement
(Solo, excluding Team Internet)
- 2019/20
in thousands of USD
Q1 - 2019 Q2-2019 Q3-2019 Q4-2019 2020
Opening balance $ 5,778 $ 7,843 $ 2,190 $ 4,077 $ 3,562
Sources:
Cash flow from Operations:
Working Capital Mobfox activity $ 680 $ 244
Tax Receivable - Matomy USA $ 555 $ 198 $ 920
Tax Receivable - Matomy KG $ 711 $ 3,897 $ 2,802
Dividend from Mobfox Austria $ 85
Dividend from Team Internet $ 4,600 $ 1,900 $ 2,030 $ 3,492 $ 9,213
Withholding tax on Team Internet
Dividend $ (1,213) $ (501) $ (535) $ (553) $ (1,458)
Cash flow from Finance activity:
Rights Issue $ 10,000
Bond Series A Expansion $ 2,000
Issuance Cost $ (1,000)
Cash flow from Investment activity:
Sale of myDSP - last payment $ 250
$ 5,668 $ 12,841 $ 2,415 $ 6,837 $ 10,557
----------- ------------ --------- ----------- -----------
Expected Usage of Funds:
Cash used for Operations: $ (438) $ (438) $ (438) $ (438) $ (1,750)
One-time Cost of Operations $ (1,019)
Legal cost of bond settlement $ (500)
Bond interest due $ (1,057) $ (1,004) $ (1,652)
Hedging loss $ (750)
Cash flow used for Financing
activity:
Bond principal payment $ (3,500) $ (5,100) $ (6,000)
Long term loan - repayment to
Leumi Bank $ (897)
Rainmaker payments $ (13,500) $ (90) $ (810) $ (360)
$ (3,603) $ (18,495) $ (528) $ (7,352) $ (9,762)
----------- ------------ --------- ----------- -----------
Closing balance $ 7,843 $ 2,190 $ 4,077 $ 3,562 $ 4,357
Bank Leumi Deposit $ 940 $ 940 $ 940 $ 940 $ -
Available Balance $ 6,903 $ 1,250 $ 3,137 $ 2,622 $ 4,357
======================================= =========== ============ ========= =========== ===========
Assumptions:
1. The statement assumes settlements between the Company, the bondholders,
Rainmaker and any other relevant stakeholders, based on the updated key features
for the Proposed plan published on January 9, 2019, and the clarifications
that were published on January 23, 2019 ("Proposed plan"). On January 30, 2019
the majority of the bondholders voted in favour of an indicative non-binding
approval of the Proposed Plan. The main key features of the Proposed Plan are
as follows:
1.1 A fundraising with a commitment from key shareholder to invest $10M in
addition to a commitment to purchase bonds in the amount of up to $2M as part
of an expansion of the Series A Bonds.
1.2 Payment of $13.5 to Rainmaker, based on preliminary understandings between
the parties.
1.3 Updated payment schedule on the principal of the bonds of $3.5M, $5.1M,
$6M in Q2 2019 ,Eo2019, Eo2020 respectively
To date no agreement has been signed and there is no assurance with respect
to the outcome of the actual foregoing discussions or with respect to the actual
implementation of the proposed settlement
* If a settlement is is not concluded, the amounts due will vary as follows:
- Payment to Rainmaker shall be due which based on the demand from Rainmaker
is in an amount of approximately $18M plus interest
- Payment to the bondholders in an amount of approximately $30M (with a potential
claim for immediate repayment)
In addition, in such event Rainmaker may have the right to pursue other remedies,
including the right to purchase some or all of the shares of Team Internet,
as described in further detail in Note 1(b) in the Company's Consolidated Financial
Reports for Q3, 2018).
- The amounts of dividends that may be distributed by Team Internet to Matomy
depend on the percentage holdings of Matomy in Team Internet and on the dividend
policy at the relevant time.
2. In connection with Bank Leumi's approval of the sale of Mobfox Matomy provided
$3M secured cash deposit to Bank Leumi against its liabilities (long term debt,
securities related to lease agreements and Forex hedging). This cash deposit
is reduced proportionately as Matomy repays its liabilities
4. Timing of distribution of Team Internet's dividends may vary based on liquidity
limitations
5. This statement represents the Sources and Expected Uses of Funds of Matomy
Media Group Ltd. (solo report) and differs from the statement published in
connection with the Q3 audited reports which was provided on a full consolidation
basis, and included all bank cash reserves held by the Company's subsidiary
Team Internet.
Unreviewed Statement
The statement contains unreviewed financial measures that do not have a standardized
meaning prescribed by GAAP.
Cautionary statement regarding forward-looking statements
This statement includes certain forward-looking statements, forecasts, estimates,
projections and opinions. These forward-looking statements may be identified
by the fact that they do not relate only to historical or current facts or
the use of forward-looking terminology, including the terms "believes", "estimates",
"plans", "projects", "anticipates", "expects", "intends", "may", "will" or
"should or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives, goals, future
events or intentions. Forward-looking statements include statements regarding
the business strategy, objectives, financial condition, results of operations
and market data of the Company and its subsidiaries (the "Group"), as well
as any other statements that are not historical facts. These statements reflect
the Company's current view with respect to future events and are based on assumptions
made the Company (including, without limitation, assumptions concerning currency
exchange rate fluctuations, requirements of additional capital, costs of closure
of various operations and changes to regulations) and information currently
available to the Company.
Although the Company considers that these views and assumptions are reasonable,
by their nature, forward-looking statements involve unknown risks, uncertainties,
assumptions and other factors because they relate to events and depend on circumstances
that will occur in the future whether or not outside the control of the Group.
These factors, risks, uncertainties and assumptions could cause actual outcomes
and results to be materially different from those projected. Past performance
cannot be relied upon as a guide to future performance and should not be taken
as a representation that trends or activities underlying past performance will
continue in the future. No representation is made or will be made that any
forward-looking statements will be achieved or will prove to be correct. These
factors, risks, assumptions and uncertainties expressly qualify all subsequent
oral and written forward-looking statements attributable to the Company or
persons acting on its behalf.
The forward-looking statements speak only as of the date of this announcement.
Each of the Company and its respective affiliates expressly disclaim any obligation
or undertaking to update, review or revise any forward-looking statement and
disclaims any obligation to update its view of any risks or uncertainties described
herein or to publicly announce the result of any revisions to the forward-looking
statements made in this announcement to reflect any change in the Company's
expectations with regard thereto or any change in events, conditions or circumstances
on which any such statement is based or otherwise, except as required by law.
No statement in this announcement is intended, or is to be construed, as a
profit forecast or estimate or to be interpreted to mean that earnings per
Company share or overall earnings for the current or future financial years
will necessarily match or exceed the historical published earnings per Company
share or overall earnings.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGUBGWUPBGGR
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