EVS Broadcast Equipment SA, the leading provider of live video production systems, today announced that it has reached an agreement to sell its 41.3% stake in dcinex to Ymagis SA (Euronext Paris: MAGIS). EVS will now fully focus on its four core market strategy in the broadcast sector.
Pursuant to an agreement recently signed, Ymagis will acquire upon closing all shares and warrants ("droits de souscription") issued by dcinex. The signature of final documentation and the execution of the transaction (by contribution in kind) should take place in the coming weeks, subject to usual precedent conditions (including the approval by the General Meeting of Ymagis shareholders and the agreement of all the financing banks of dcinex).The transaction also includes other customary clauses.
Under the agreement, EVS will receive at the closing:
EUR 2.1 million in cash
288,851 new Ymagis shares
EUR 6.4 million in Ymagis bonds, which have a maximum maturity of 5 years. These bonds are associated with warrants.
In total, the approximate aggregate value of the different components (at last closing Ymagis share price of EUR 7.90) represents around EUR 10.8 million for EVS. On March 31, 2014 dcinex was valued at EUR 7.9 million on the EVS balance sheet.
In addition, dcinex will reimburse the currently existing shareholders' loans. Today, the loan granted by EVS (including interests) amounts to EUR 1.5 million.
Joop Janssen, CEO of EVS, said: "dcinex was created within EVS 15 years ago. In 2004, it was decided to spin it out. With the support of EVS, dcinex has developed itself to become a leading provider of digital cinema services in Europe. In the bigger entity that will result from this transaction, dcinex will be even stronger to continue its successful evolution in that market. EVS will now fully focus on its four core market strategy (Sport, Entertainment, News and Media) in the broadcast sector."
Source : http://www.nasdaq.com/