A fund managed by Gatemore Capital Management LLP signed a letter of intent to acquire US businesses of TLA Worldwide plc (AIM:TLA) for $8.6 million on November 28, 2018. A fund managed by Gatemore Capital Management LLP entered into an agreement to acquire US businesses of TLA Worldwide plc on December 3, 2018. In consideration, Gatemore will pay $6.175 million in cash and will assume $2.468 million of additional liabilities, including certain outstanding earn-out liabilities. Mr. Principe is expected to have a continued role in the US Businesses and Mr. Genske is the Head of Baseball for the US Businesses. On and with effect from completion, Michael Principe and Greg Genske will resign as Directors of the TLA Worldwide. The transaction is subject to due diligence, execution of a definitive agreement and approval by shareholders. On November 30, 2018, TLA Worldwide was unanimously approved the proposed sale and share purchase agreement at a Board meeting. Upon completion, the Board intends to use the net sale proceeds from the proposed sale to contribute towards repaying the continuing Group's indebtedness to SunTrust. FTI Capital Advisors, L.L.C. acted as financial advisor to TLA Worldwide plc. Roland Cornish and James Biddle of Beaumont Cornish Limited acted as nominated financial advisors to TLA Worldwide Plc. Sidney Levinson of Jones Day acted as legal advisor to Gatemore Capital Management LLP. A fund managed by Gatemore Capital Management LLP completed the acquisition of US businesses of TLA Worldwide plc (AIM:TLA) on December 27, 2018.