Messaging International proposes sale of subsidiary TeleMessage

4th Aug 2016 17:20

(ShareCast News) - Messaging service provider Messaging International agreed to sell its wholly owned subsidiary TeleMessage, a cross platform media messaging system and application, for £459,317.The AIM-listed company said it has entered into a conditional sale and purchase agreement whereby certain holders of ordinary shares in Messaging International, including directors, have agreed to acquire TeleMessage and to assume its liabilities.Messaging International also raised £500,000 at 0.24p per subscription share, through 208.3m new ordinary shares, subject to shareholder approval on or around 23 August.It will undertake a subdivision of the existing ordinary shares, which will be renamed SigmaRoc with the ticker SRC.On completion of the deal, the existing directors will step down and Max Vermorken will join the board as chief executive. David Barrett and Dominic Traynor will join as non-executive directors.SigmaRoc plans to acquire companies or projects within the construction materials sector, which are either cash flow generative or show significant potential for growth and a profitable exit.Shares in Messaging International were down 40.77% to 0.385p at the close.