eMedia to issue shares, acquire remaining stake in EMI

eMedia Holdings Limited (EMH) [JSE:EMNE] today announced a proposed transaction involving the issuance of new N ordinary shares to Venfin for a total subscription price of ZAR 59,509,547.50 at ZAR 3.25 per share, and the acquisition of Venfin's 32.31% stake in EMI for ZAR 715,527,523.75, paid with the issuance of 220,162,315 additional EMH N shares. The issuance of shares represents a 20.1% premium to the 30-day volume weighted average price. The deal aims to consolidate 100% ownership of EMI under EMH, providing EMH with full control over EMI's strategic direction. The proposed transaction is subject to shareholder and regulatory approvals, including the Ontario Securities Commission and the South African Reserve Bank. The share exchange constitutes a Category 1 transaction in terms of the JSE Listings Requirements and therefore requires the approval of EMH shareholders by way of an ordinary resolution.