Sealand Capital

Further re proposed disposal

RNS Number : 5259L
Sealand Capital Galaxy Limited
20 April 2018
 

Strictly embargoed until: 7a.m., 20 April 2018

 

Sealand Capital Galaxy Limited

("Sealand", or the "Company")

 

Proposed Disposal of entire interest in SecureCom Media Holdings Limited

 

Sealand Capital Galaxy Limited announces that it has entered into a non-binding Memorandum of Understanding ("MoU") to dispose its subsidiary, SecureCom Media Holdings Limited ("SecureCom"), to Creative Alpha Limited ("Creative Alpha" or the "Buyer") (the "Proposed Disposal") for a nominal consideration of £10,000.

 

The Proposed Disposal is conditional on, amongst other things, the Buyer's investigations into SecureCom and the parties entering into a definitive and legally binding share purchase agreement. The terms of the Proposed Disposal are still subject to further discussion and negotiation. There can be no guarantee that the Proposed Disposal or the terms of the MOU will be progressed. Further updates will be provided in due course when a definitive legal agreement is executed. The Proposed Disposal is expected, subject to due diligence and the conditions in the MOU, to be completed by 30 June 2018.

 

Information on SecureCom

SecureCom is limited liability company incorporated in the British Virgin Islands focussed on the provision of advertising services through social media and was acquired by Sealand in February 2017 for £1,000,000 in cash and 10,000,000 ordinary shares in the Company at 20 pence per share.

 

Following an extensive review, the Company's directors consider that in light of the competitive environment in which SecureCom operates, the business would require substantial additional capital in order to remain competitive, whilst the Group's focus is on the development of its WeChat Pay business.

 

Law Chung Lam Nelson, Chairman and Chief Financial Officer, commented:

"We invested in SecureCom in 2017 and were very excited about its prospects, but with new competitors entering the market and offering similar products we feel our investment is better served somewhere else. The media and technology market constantly evolves and at Sealand we like to stay ahead of this fast moving marketplace. Importantly, we are focusing on our future investments and continued geographic expansion, especially as we seek to use our expertise to capitalize on tourism in the United Kingdom with WeChatPay. We will continue to deploy our capital to add further impressive companies to our portfolio while providing growth and returns to our shareholders"

-ends-

 

Enquiries

Sealand Capital Galaxy Limited


Law Chung Lam Nelson, Chairman and Chief Financial Officer

+ 44 7537959788

Nicholas Lyth, Non-Executive Director

+ 44 7537959788



Belvedere Communications


John West

+44 2035670510

Kim van Beeck

+44 7477967446

Llewellyn Angus

+44 7407023147

 

Notes to Editors:

·      Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.

·      The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.

·      Further information on Sealand is available on its website http://www.scg-ltd.com/

 

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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