Management Board of IMS S.A. (“Issuer”) announces that today the Issuer’s subsidiary World of Music ASI Sp. z o.o. (“WoM ASI”) has signed a Letter of Intent (the “Letter”) with Closer Music Corporation (“CMC”), a company formed in 2021 with its registered seat in New York, USA, whose shareholders are managers with international experience who are successful in many areas of business. The parties have agreed that WoM ASI will contribute to CMC all of its shares in Closer Music Sp. z o.o. (“CM”), i.e. 8,466 shares (hereinafter: “CM Shares”), representing 84.53% of the total shares as at the date of signing of the Letter, while CMC will issue new CMC shares, which WoM ASI alone will be entitled to subscribe for. The shares subscribed for by WoM ASI will represent 90% of the total CMC shares after the increase. In this way, WoM ASI, in which IMS S.A. owns 100% of the shares, will take control of CMC and, through CMC, will further control CM.
The acquisition of CMC is a further step in the implementation of the development strategy of the Closer Music project. Through CMC, the sale of music licences will be carried out in the US market. Due to the fact that CMC’s shareholders have a very broad network of business contacts, including among investment funds, the capital group thus constructed will, in the opinion of the Issuer’s management, have better access to sources of capital, primarily from North America, Western Europe and Asia. In addition, CMC’s activities to date have focused precisely on building business relationships among potential investors, thus not conducting typical operational activities. CMC’s shareholders include two members of the Issuer’s Board of Directors.
This Letter is effective until 30 September 2023.