PVT Pivot Entertain

TIDMR4E

RNS Number : 1554F

Reach4Entertainment Enterprises PLC

10 November 2015

10 November 2015

reach4entertainment enterprises plc

("r4e" or the "Company")

SpotCo repayment agreement

The Company is pleased to announce the conclusion of its deferred payment arrangements in respect of its acquisition of Spot and Company of Manhattan Inc. ("SpotCo"). The Company acquired SpotCo in 2008 and, as announced on 15 November 2012, a debt repayment agreement was entered into, which restructured outstanding debt owed to the vendor, Drew Hodges. Pursuant to that agreement, regular payments have been made to the vendor up to a total of $3.2 million, following which the Company had the option to pay the remaining balance of $1 million by the issue of new ordinary shares in the Company. It has now been agreed to waive this final payment of $1 million in full. Drew Hodges continues in his current role at SpotCo.

This agreement with Drew Hodges represents a related party transaction pursuant to the AIM Rules for Companies. Accordingly, the Directors of r4e consider, having consulted with r4e's nominated adviser, Allenby Capital Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

 
 reach4entertainment enterprises 
  plc                                  +44 (0) 20 7968 
  David Stoller, Executive Chairman     1655 
 Allenby Capital (Nominated Adviser 
  and Broker)                          +44 (0) 20 3328 
  Jeremy Porter/James Reeve             5656 
                                       +44 (0) 20 3151 
 Novella Communications (Financial      7008 
  PR)                                   +44 (0) 7900 
  Tim Robertson / Ben Heath             927650 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 10, 2015 03:40 ET (08:40 GMT)

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