Asia Digital Holdings plc or ADH (ADH.L) announces that it has entered into a sale and purchase agreement for the disposal of one of its principal trading subsidiaries, DGM India Internet Marketing Limited to Tyroo Media Private Ltd., and to Inflection Digital Holdings Private Limited.
The company said that DGM has been disposed for a total consideration of Rupees 33.5 million or approximately £ 412,760 of which Rupees 23.6 million or about £290,855 will be paid on or before 16 May 2012 or on the tenth day following completion of the conditions precedent to the Agreement, whichever date is earlier.
After expenses and withholding tax the net proceeds are expected to be Rupees 28.9 million or approximately £356,540, ADH noted.
As a condition precedent to the Agreement, ADH has also entered into an Intellectual property or IP transfer agreement with DGM India to transfer all IP rights relating to the DGM business in India to DGM India.
Within 60 days following the execution of the IP Agreement ADH shall confirm to DGM India the successful transfer of the IP, and, within 7 days following receipt of such confirmation, DGM India will pay ADH in cash Rupees 7,875,000 or approximately £ 155,377. Under a related arrangement, DGM India has agreed to pay ADH a fee in cash of Rupees 2.000,000 or approximately £39,460 for the provision of technical support to DGM India for a period of 60 days following the transfer by ADH of the IP to DGM India or 30 June 2012 whichever is the sooner.
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