10 May 2021 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
Possible Acquisition
Amino Technologies plc (LSE AIM: AMO), a software-led global media technology company that delivers modern TV experiences, announces that it has submitted a bid, through a wholly owned subsidiary, to acquire the trade and assets of MobiTV, Inc. and MobiTV Services Corporation (together "MobiTV"), a US live and on-demand TV platform provider (the "Possible Acquisition").
About MobiTV
MobiTV is USA based and provides a TV-as-a-Service ("TVaaS") solution that allows operators to fully modernise their PayTV offering to consumers, reduce costs, utilise network bandwidth more efficiently and to enable the future upgrades of new services and features. The MobiTV solution is a white labelled managed service for a full TV platform, including live and on-demand TV content, network PVR functionality and content rights.
The Possible Acquisition would immediately establish a TVaaS infrastructure capability in the USA for Amino, which the Board of Amino estimate would require significant investment over a 6-12 month period to develop organically. The Possible Acquisition would also provide an immediate contribution towards Amino's strategic financial goals, in particular its focus on increasing annual recurring revenues. The Possible Acquisition, if completed, would be a Substantial Transaction pursuant to AIM Rule 12.
The Acquisition Process
MobiTV is currently in a Chapter 11 bankruptcy process in the USA, pursuant to which Amino submitted a bid for the trade and assets of MobiTV to the United States Bankruptcy Court for the District of Delaware (the "Court") on 7 May 2021. Whether Amino's bid is successful will be decided by the Court following an auction process (the "Auction") to be held on 11 May 2021.
Once the Auction has been completed, a hearing before the Court to request approval of all aspects of the sale to the winning bidder is scheduled for 21 May 2021 at 2.00pm EST (7pm BST). The acquisition of the trade and assets of MobiTV must close by 31 May 2021.
Fundraising
The costs and working capital commitments associated with the Possible Acquisition are to be funded by the Company's existing cash resources and available credit facilities, supplemented by a placing of new Ordinary Shares in the Company to institutional and other investors (the "Placing") commitments for which have been made by certain shareholders and other investors, subject to customary conditions including, inter alia, admission of the new Ordinary Shares to trading on AIM.
Further details of the Possible Acquisition and the Placing will be announced once the outcome of the Auction is known.
For further information please contact:
Amino Technologies PLC | +44 (0)1954 234100 |
Donald McGarva, Chief Executive Officer Mark Carlisle, Chief Financial Officer |
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finnCap Ltd (NOMAD and Broker) | +44 (0)20 7220 0500 |
Matt Goode / Simon Hicks (Corporate Finance) Tim Redfern / Richard Chambers (Equity Capital Markets) |
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FTI Consulting (Financial communications) | +44 (0)20 3727 1000 |
Matt Dixon / Emma Hall / Chris Birt / Gregory Hynes |
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About Amino Technologies plc
Amino Technologies plc is a software-led, global Media Technology company. We deliver modern TV experiences, the way viewers want them. We do this by creating the solutions that Pay-TV operators, broadcasters and content owners need to make it easy for people to connect to the TV and video they love.
Our end to end solutions offer the best of both worlds: video on demand and live TV. By placing all TV and video streaming content in one place, Pay-TV operators, broadcasters and media owners can stay ahead of evolving viewer demand by providing smarter, more cost-effective ways of delivering modern TV and video experiences to consumers.
Amino Technologies plc has two operating companies: 24i, which focusses on streaming video experiences and Amino, which connects Pay-TV to streaming services. Our two complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it. Our solutions deliver modern TV and video experiences every day to millions of viewers globally, via our growing global customer base of over 500 service providers.
Amino Technologies plc is listed on the London Stock Exchange's Alternative Investment Market (AIM: symbol AMO). Headquartered in Cambridge, UK, the company has over 300 staff located in offices in New York, Los Angeles, San Francisco, Amsterdam, Helsinki, Madrid, Porto, Brno and Hong Kong.
For more details, visit www.aminotechnologies.com