LONDON (Alliance News) - Matomy Media Group Ltd published Tuesday a letter from a minority shareholder in Team Internet AG related to the payment of the consideration for the acquisition by Matomy of the remaining outstanding stake.
Matomy - an internet advertising firm - emphasised that "publication of the letter does not constitute acceptance or agreement by the company as to the merits of the claims and demands within the letter".
Within the letter dated Sunday, Rainmaker Investments GmbH - which holds a 10% stake in Team Internet - said that Matomy had not made a "detailed and clear proposal" regarding the "full immediate payment" of the consideration for its stake.
Rainmaker explained this payment was due on November 30.
In the letter, Rainmaker emphasised that as "no progress" has been achieved in talks with Matomy the firm has given Matomy the deadline of Wednesday to provide a proposal for payment.
Should Matomy not make a proposal by the deadline, Rainmaker explained it would "exercise its rights and remedies" in line with any law or agreement.
"This undoubtedly will lead to a situation in which the 'control' of the situation will come out of the hands of Matomy's management," Rainmaker explained.
In February, Matomy raised USD30.0 million through the issue of convertible bonds in order to fund a further acquisition of a 10% stake in Team Internet, taking its stake to 90%. The remaining stake is held by Rainmaker.
Shares in Matomy were 9.3% lower at 6.67 pence on Tuesday.