Management Board of IMS S.A. (“Issuer”) informs that on 23th June this year another an investment agreement was signed concerning the acquisition of capital in the subsidiary Closer Music Sp. z o.o. (‘the Company’, ‘Closer Music’), dealing with the development and commercialisation of its own music libraries. The Company will issue and sell to the investor shares constituting in total 0.38% of the share capital for the amount of PLN 152 thousand, i.e. at the estimated valuation of 100% of Closer Music shares amounting to PLN 40 million. The buyer of the shares is, for the second time, the Vice-President of the Board and Sales Director of the Issuer, who is involved in the development and market position building of Closer Music. The previous transaction, also amounting to PLN 152 thousand for 0.38% of shares, took place in July 2021. The funds raised now will be used to build a website enabling the sale of music licences in various segments of music content monetisation.
In order to be implemented, the agreement requires the necessary resolutions to be passed by the Closer Music Shareholders’ Meeting. If the resolutions are not adopted, the agreement will automatically be terminated and its provisions will have no legal effect.