Milestone Group PLC Catenae Innovation Plc : Memorandum Of Understanding Signed
10 May 2018 - 9:43PM
UK Regulatory
TIDMMSG
CATENAE INNOVATION PLC
("Catenae" or the "Company")
Memorandum of Understanding Signed
Catenae (AIM:CTEA), the AIM quoted provider of digital media and
technology, announces that it has signed a Memorandum of Understanding
with Tribe of Noise BV ("ToN") subject to completion of normal legal,
accounting and commercial due diligence. The Company proposes to
acquire a circa 51% interest in ToN for a consideration of Euro600,000,
which would be satisfied by a mixture shares and cash.
Award winning music company Tribe of Noise (www.tribeofnoise.com) is a
leading provider of quality, direct licensed music and fair remuneration
models for a growing community of 30,000 musicians globally. Successful
revenue models include ToN's streaming music services for businesses in
retail, hospitality and leisure. A billion dollar industry overlooked by
many consumer-centric music services.
ToN's product offering is complimentary to those offered by Trust in
Media the Company's joint venture announced in March 2018 and provides a
ready built audience and cross-selling opportunities for both entities.
This proposed acquisition further underlines the Company's strategy to
build a portfolio of synergeous businesses.
Further announcements will be made in due course.
Tony Sanders CEO of Catenae commented:
"We are pleased to have come to this agreement with Hessel van Oorschot
and the team at Tribe of Noise to join the Catenae group of companies,
further augmenting our digital media service provision. In addition to
providing a successful partner for independent musicians, ToN is known
in Europe for its extensive legal knowledge of innovative, open
licensing models. Together with Creative Commons, Getty Images, Sonos,
IBM Watson and many other thought leaders Tribe of Noise is turning the
popular "fair pay for play" idea in the music industry into reality.
Their lack of presence in the UK market provides a massive opportunity
to build on their existing revenues."
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014. The person who arranged for release
of this announcement on behalf of the Company was Tony Sanders (Chief
Executive Officer).
For further information:
Catenae Innovation Plc Tel: 020 7929 7826
Tony Sanders
Cairn Financial Advisers LLP, Nominated Adviser Tel: 020 7213 0880
Liam Murray / Jo Turner
Cornhill Capital, Broker Tel: 020 3700 2500
Dan Gee
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Catenae Innovation P.L.C. via Globenewswire
http://www.milestonegroup.co.uk/
(END) Dow Jones Newswires
May 10, 2018 07:43 ET (11:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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