China Integrated Media Corporation Limited (ASX:CIK) entered into a share sale and purchase agreement to acquire Marvel Digital Limited from Marvel Finance Limited for AUD 5.2 million on May 14, 2015. China Integrated Media Corporation will pay HKD 28 million (AUD 4.46 million) to HKD 33 million (AUD 5.25 million) as consideration. Under the terms of the transaction, China Integrated will issue 22.7 million shares and will also pay a performance fee payment calculated at five times of the average annualized consolidated profits of Marvel Digital for the two years period from the completion date less the initial consideration. The number of shares to be issued are based on the exchange rate of HKD/AUD 1:0.16232. China Integrated Media Corporation will continue to be named as China Integrated Media Corporation Limited. As of August 18, 2015, China Integrated Media Corporation will issue shares between 24.5 million to 28.88 million based on the exchange rate of HKD:AUD 5.7142.

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.