Napster Group PLC - London-based music streaming platform formerly known as MelodyVR - Plans to delist from the AIM market in London to become a private company called NM Inc based in the US. Says that since its reverse takeover of the Napster business in December of last year, its employees, consumers and other stakeholders now are predominantly in the US, with 42% of revenue generated in North America. Creates Delaware-incorporated NM to buy Rhapsody, the subsidiary that holds almost all of its assets and liabilities, for USD45.6 million. Existing shareholders will receive one NM share for each Napster share they hold following a 750-into-1 share consolidation. Calls general meeting for December 20 to approve the transaction, with shareholders representing 45.8% of the company committing to vote in favour.
Current stock price: 0.40 pence, down 50% on Thursday
Year-to-date change: down 90%
By Tom Waite; thomaslwaite@alliancenews.com
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