"It means KRR are happy with 10,000,000 TVN shares at current market rate (8-8.5cents). What they plan to do with those are up to them (sell for capital, or hold for exposure to any positive upside in TVN?)."
Doesn't look like KRR will be selling any of their 100mil shares on the market anytime soon. 2 year escrow
"Tivan will acquire SPML for total consideration of A$20 million paid on the following terms:
A$2.5 million to be held in escrow as a refundable deposit pending Transaction completion;
A$2.5 million on Tivan completing a raising of no less than A$2.5 million;
A$5 million to be paid 12 months after execution of the Agreement, or, if the payment of $2.5m above has not been made at that time, $7.5 million must be paid 12 months after execution of the Agreement; and
A$10 million through the issue of 100 million ordinary fully paid shares in Tivan to KRR at a deemed issue price of 10 cents per share; these shares will be subject to a voluntary escrow for a two year period from the date of the agreement."
TVN Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
