Sealand Capital Galaxy Limited Update on Disposal of SecureCom (1019R)
12 June 2018 - 6:35PM
UK Regulatory
TIDMSCGL
RNS Number : 1019R
Sealand Capital Galaxy Limited
12 June 2018
For immediate release: 12 June 2018
Sealand Capital Galaxy Limited
("Sealand", or "Company")
Update on Disposal of SecureCom Media Holdings Limited
Following the announcement made on 20(th) April 2018, Sealand
Capital Galaxy Limited gives the following update on the sale of
its entire holding in SecureCom Media Holdings Limited
("SecureCom") to Creative Alpha Limited ("Creative Alpha" or the
"Purchaser"), (the "Proposed Disposal"), specifically:
1) Sealand has entered into a definitive and legally binding
share purchase agreement with Creative Alpha.
2) Creative Alpha is not a related party of Sealand.
The total consideration for Proposed Disposal is GBP10,000,
which was determined following negotiation between the Vendor and
the Purchaser. Completion is now expected to take place, on or
before 30 June 2018, subject to certain terms and conditions being
met.
Following completion, Sealand will no longer hold any interest
in SecureCom and SecureCom will cease to be a subsidiary of the
Company.
SecureCom is a limited liability company incorporated in the
British Virgin Islands focused on the provision of advertising
services through social media and was acquired by Sealand in
February.
Following an extensive review, the Company's directors came to
the conclusion that a disposal of SecureCom was in the best
interests of shareholders, given of the competitive environment in
which SecureCom operates, the business would require substantial
additional capital in order to remain competitive, whilst the
Group's focus is on the development of its WeChat Pay business.
-ends-
Enquiries
Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Chairman
and Chief Financial Officer + 44 7537959788
Nicholas Lyth, Non-Executive Director + 44 7537959788
Belvedere Communications
John West +44 2035670510
Kim van Beeck +44 7477967446
Llewellyn Angus +44 7407023147
Notes to Editors:
-- Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the
investment and acquisition of IT and social media businesses in the
APAC region with high growth potential.
-- The Company's Shares are traded on the Official List of the
London Stock Exchange's main market for listed securities under the
ticker SCGL.
-- Further information on Sealand is available on its website http://www.scg-ltd.com/
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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