Chrysalis has signed a conditional sale and purchase agreement for the disposal of its books division to Anova Books Company Limited, a new company formed by Robin Wood (Chief Executive of Chrysalis Books) and senior managers of Chrysalis Books, for this purpose. The terms of the Disposal provide for the acquisition of 100% of the issued share capital of Chrysalis Books Group, together with the benefit of the outstanding inter-company debt owed by Chrysalis Books Group to Chrysalis Group at the date of the acquisition, for a purchase consideration of £12.5 million. The consideration will take the form of £9.0 million convertible 10-year loan stock and £3.5 million 3% cumulative redeemable preference shares, each to be issued by Anova and held by Chrysalis Group.
Chrysalis Books is the owner of the former Batsford Books that went bankrupt in 1999.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment