Contel

Contel: Potential positive sentiment after grp announced that it has inked a $582.3m RTO deal YuuZoo Corporation. The two co’s inked a shares and options exchange agreement under which Contel will allot and issue up to 1.16b consideration shares on the basis of 50c per consolidated share. In connection with the reverse takeover, Contel plans to consolidate every five shares into one consolidated share. The deal will see YuuZoo hold an 85% equity stake in the enlarged share capital of Contel on completion. A long-stop date of Dec 31, 2013 has been set. Headquartered in SG, YuuZoo is a profitable, fast-growing company with global reach that builds mobile-optimized but device-agnostic Targeted Social Networks for consumers, either rolling them out on its own or together with businesses or brands. The Targeted Social Networks provides turnkey solutions to monetise consumers in the mobile social networking space.