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wrong wrong wrong!
agreement with david beckham renegotiated
guild esports (lse: gild), a global team organisation and lifestyle brand, is pleased to announce that it has renegotiated the terms of a five-year agreement with footwork productions ltd. ("footwork") that will reduce the company's total minimum payment obligations by £7.5m over the next two years.
the original agreement enabled the company to procure david beckham's services as a brand ambassador in return for 15% of all merchandising and sponsorship revenues, with total minimum guaranteed fees of £15.25m payable in cash instalments over the five-year lifetime of the deal. the first two annual payments have already been satisfied by the company and the third annual payment for 2022 amounting to £3m will be payable in line with the terms of the original agreement. further annual payments of £3.5m and £4m were also due in respect of the fourth and final year of the contract, as disclosed in the company's prospectus.
as part of the updated agreement, the minimum fee due to footwork for the fourth and fifth years has been renegotiated. instead of the remaining guaranteed minimums, footwork will receive 20% of guild esports merchandising and sponsorship revenue, a move that will significantly reduce the company's cash requirements and align the fees to its business performance and continued success. mr beckham will continue to perform ambassadorial services for the company.
now **** off with your horse****!
gl.
Err how about the 500k unconditional monies invested by the 'brand' ?
sheesh!
GL.
We may have been diluted but the 'Brand' will be holding onto the shares and therefore will have a major interest in seeing the SP rise.
They obviously don't want a full takeover (yet) hence not buying in open market IMV.
GL.
Mcap only 5m!
Along way to go yet imho.
GL.
Climbing on very little volume!
Whether Saudis or major brand things are looking very positive here.
Next news = boom imho!
GL.
Agree the repayments are being funded by sales at BP not from placing monies.
Concentrate production should continue to increase and the resource will be increased.
Lenders obviously happy to continue supporting the company going forward.
GL.
So both lenders are on board with the current strategy and have agreed how the debt will at last be serviced by sales on concentrate.
How that is bad news is beyond me.
So BP can continue to ramp up production and extend the resource.
Ultimately the diamonds will clear all of the debt.
GL.