Acquisition of interest in energy drink “Mad-Croc” successfully completed
The Board of Directors of OIM Plc informs the market that it has acquired an interest in the sales of the ‘Mad-Croc’ energy drinks brand in India. An agreement has been reached for the Company to acquire rights to receive an income stream of commissions payable equal to 30.77% of the Seller’s Income received under the distributor contract entered into by Energy Brands Limited (the owner of the Mad-Croc brand) with its local distributor in India.
As a consideration, the Company has transferred to Energy Brands Limited ordinary voting shares in MySPARTA AG equal to 35% of the total issued voting shares in MySPARTA. This leaves the Company holding 49.3% of MySPARTA’s issued ordinary shares following completion of the transaction. The MySPARTA shares are being traded at the German ‘Freiverkehr’.
The agreed transaction value was € 1,150,000.
OIM Plc intends to transfer the right to receive the income stream of commissions payable to MySPARTA AG in the first quarter using the same valuation.
Mad-Croc being successful already in the US and some parts of Europe, has started its sales in India from June 2011.The Company’s interest in Mad-Croc’s Indian operations is expected to contribute immediately to the earnings per share of OIM Plc.
Should you have any questions or queries, please contact:
OIM plc
Marius Ritskes, CEO
+31 40 214 65 65