June 4 (Reuters) - Ovato Ltd (OVT) :
- TO SELL ENTIRE RETAIL DISTRIBUTION (AUSTRALIA AND NEW ZEALAND) TO ARE MEDIA
- KEVIN SLAVEN WILL STEP DOWN AS CEO & MANAGING DIRECTOR AND REMAIN IN BUSINESS UNTIL END OF JUNE
- JAMES HANNAN APPOINTED CEO & MANAGING DIRECTOR
- CONSIDERATION FOR DEAL COMPRISES PURCHASE PRICE OF A$15 MILLION IN CASH & ACCEPTANCE OF A NEGATIVE WORKING CAPITAL POSITION OF A$27 MILLION
- MAJOR SHAREHOLDER OF OVATO, HANNAN FAMILY HAS INDICATED SUPPORT FOR TRANSACTION
- ENTERS PUT OPTION TO SELL MARKETING SERVICES (AUSTRALIA) TO BALLYGRIFFIN
- BALLYGRIFFIN HOLDINGS & CO ENTERED A BINDING PUT OPTION TO ACQUIRE ENTIRE STAKE OF OVATO CREATIVE SERVICES PTY FOR A$9 MILLION
News: OVT Ovato Says Will Sell Entire Retail Distribution (Australia And New Zealand) To Are Media...
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