Interesting the company chose not to repeat the commercial/fee changes in today's announcement.
Some of the "temporary" changes disclosed in Jan'21 were not favourable to ADS (e.g. reduced development fees, cap on license fees etc).
A cynical view might be that today's announcement deliberately avoids confirmation that the previous, more favourable fee structure was re-established in the 3 year extension.
Here is an extract from the January update:
"10 December 2020, the Company announced that it was in negotiations with GroupM regarding mutually beneficial amendments to the terms of the multi-market Symphony license agreement first announced in August 2016.
The Company disclosed that these terms are likely to include:
• A multi-year extension of the term of the agreement;
• An annualised reduction in development and resourcing fees payable to the Company of approximately $500,000 per annum, not related to market deployments;
• A cap on monthly market tier-related license fees as at March 2020 levels for calendar 2020; and
• Market tiers and license fees to revert to uncapped levels on 1 January 2021, resulting in increased license fee in three active markets from 1 January 2021
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- Ann: Renewal of Symphony Agreement with GroupM
Interesting the company chose not to repeat the commercial/fee...
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