China Integrated Media Corporation Limited completed the acquisition of Marvel Digital Limited from Marvel Finance Limited.
The transaction is subject to obtaining all necessary consents and approvals from the relevant governmental or regulatory authorities, Listing Committee of the Australian Securities Exchange granting listing of and permission to deal in the consideration shares, consummation of due diligence investigation, transfer of 8.34 million and 10.37 million shares of China Integrated Media Corporation held by Herbert Ying Chiu LEE and Marvel Digital Limited respectively to Marvel Finance Limited, China Integrated obtaining all necessary Board, shareholders and ASIC approvals and obtaining all necessary approvals, waivers and confirmations from ASX. The transaction is expected to complete on or before July 31, 2015. As of July 27, 2015, a novation agreement was signed to extend the expected date of completion of transaction to September 30, 2015. As on August 18, 2015, the Board of China Integrated Media recommended the shareholders' to approve the transaction. As on September 18, 2015, the transaction was approved by the shareholders of China Integrated Media Corporation Limited. BDO Corporate (SA) Pty Ltd acted as the fairness opinion provider and will receive a fee of AUD 0.02 million. The currency conversion for deal value was done through www.oanda.com as at May 14, 2015.
China Integrated Media Corporation Limited (ASX:CIK) completed the acquisition of Marvel Digital Limited from Marvel Finance Limited on September 30, 2015. China Integrated Media Corporation issued 26.08 million shares as consideration.