Next-Generation Satellite Communications

Next-Generation Satellite Communications: Entered into a non-binding agreement with Mobile Media (China) to acquire 75% stake in its mobile video business for $27.6m. The acquisition will be funded via a 1,900m new shares at issue price of $0.012 and $4.8m in cash. The payment for the acquisition will comprise three tranches, with the initial tranche of 75% ($20.7m) to take place upon completion of the acquisition and the second tranche of 12.5% ($3.45m) will be disbursed on 31 Mar 2014 if the acquired business achieves earnings of $6.6m. The final tranche of 12.5% ($3.45m) will only be disbursed on 31 Mar 2015 if the acquired business achieves earnings of $8m plus any shortfall on the earnings target of $6.6m on its first year to Mar 2014. The mobile video business include the distribution of video content through network operators; content creation, editorial and technical audit compliance of video content; and technical support services for content distribution technologies.