Spackman Entertainment to acquire 51% stake in Novus Mediacorp

For a total purchase consideration of $2.5m.

Catalist-listed Spackman Entertainment Group has entered into a definitive share sale and purchase agreement to acquire 1,020 common voting shares, or 51.0%, of Novus Mediacorp, an investor and presenter of Korean theatrical films that specializes in ancillary distribution. 

The deal will be closed for a total purchase consideration $2.53 million. A total of $1.35 million will be paid in cash and the balance in 3,460,209 newly issued common shares of the Company, with a moratorium period of one year from the date of issuance, priced at SGD 0.34 per share.

The issue price of SGD 0.34 per consideration share represents a premium of 42.92% to the volume weighted average price of S$0.2379 for each share, based on trades done on the shares on the Catalist 5 December 2014, being the last full market day prior to the signing of the Agreement.