ESPI 3/2023 Signing a significant investment agreement

Management Board of IMS S.A. (“Issuer”) informs that on 7th December 2023 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 shares representing a total of 0.40% of the share capital to a new investor for the amount of PLN 201,000, i.e. at an estimated pre-money valuation of 100% of Closer Music shares of PLN 50 million. The investor will pay 100% of the issue price of the new shares within 7 days after signing the agreement. The Company will use the funds raised for further development, in particular to expand the sales application and acquire new customers.

In calculating the number and % of shares for the new investor, in addition to the 10,015 shares of Closer Music registered in the KRS, 435 shares have been taken into account, which will be granted to two beneficiaries of the completed Incentive Programme for the years 2020 – 2022.

The agreement, in order to be implemented in its entirety, requires the necessary resolutions to be passed by the Closer Music Shareholders’ Meeting. If the aforementioned resolutions are not adopted by 30th June 2023, the Agreement will be automatically terminated and its provisions will have no legal effect, and the issue price paid will be refunded to the investor’s account.

Recommended Posts