News and Announcements
Update on Track Holdings acquisition by Crowd Mobile
- Published July 16, 2015 11:59AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
15th July 2015, ASX Announcement
- Negotiations continuing for additional debt and mezzanine funding options
- Financial Due diligence now complete
- European m-Payment expansion now complete
- Record Message Volume of over 700k in June 2015
Crowd Mobile Limited (ASX : CM8) is pleased to provide an update regarding its proposed acquisition of Netherlands-based Track Holdings BV (Track Concepts).
As part of the initial round of funding for the acquisition of Track Concepts, Crowd Mobile has received an indicative term sheet for US$10 million (AU$13 million) of debt funding. Negotiations are continuing with a number of traditional debt and mezzanine funding providers in Europe, Asia and Australia, and the Company remains on track to complete the acquisition in August 2015.
Commenting on the funding, Chief Executive Officer Domenic Carosa, said: “We remain confident in our ability to close out additional funding negotiations that will ensure the successful completion of the Track Concepts acquisition.”
Deloitte Netherlands has now completed its financial due diligence report on Track Concepts for the Company, with no significant matters of concern having been identified, and Crowd Mobile’s legal counsel is working on the preparation of the Share Purchase Agreement.
To read the full document, please click here.
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