Milamber Ventures Plc
LSE : MLVP

November 07, 2014 02:00 ET

Disposal of interest in Flux Impact Limited; Issue of Equity

                                           MILAMBER VENTURES PLC
                                         ("MLVP" or the "Company")
                                                     
                       Disposal of interest in Flux Impact Limited; Issue of Equity
                                                     
                                                     
Milamber  Ventures plc is pleased to announce that the Company has sold its 49 per cent. interest  in  Flux
Impact  Limited ("Flux") to Engage Production Limited ("Engage"), the other main shareholder in  Flux  (the
"Disposal").

Flux  hosts  the  "Flux  Innovation Lounge", a state-of-the-art, innovative  showroom  that  showcases  new
technology and gives participants the opportunity to experience the latest interactive technologies  first-
hand.  MLVP has received cash consideration of £35,000 for the Disposal. In addition, Engage has agreed  to
repay  a  total  of  £115,000 to MLVP in monthly instalments over the next two  years.  MLVP  acquired  its
interest in Flux on 13th May 2013 for a consideration of just £49.

Of  the  £115,000 referred to above, £30,000 relates to fees due to Andy Hasoon, a Director of the Company,
in  respect  of  services rendered by him in organising the original Flux launch event held at  the  Truman
Brewery  on  31  January 2013.  In return for these fees being paid directly to MLVP, rather  than  to  Mr.
Hasoon, under the arrangements set out above, the Company has allotted 78,947 ordinary shares of 1p each in
the  Company  ("Ordinary Shares") to Mr. Hasoon at a price of 19 pence per share.  The balance  of  £85,000
receivable by MLVP comprises the repayment of a loan.

MLVP  has  a  10  per cent. interest in Engage and Steve Blyth, a director of Engage, has  an  interest  of
approximately  22  per  cent. in MLVP. Accordingly, the Disposal is a Related  Party  transaction  for  the
purposes of the ISDX Growth Market - Rules for Issuers.

MLVP  has also issued a further 234,210 Ordinary Shares to certain employees and consultants of the Company
in  lieu  of  fees  for  services rendered and in repayment of a loan advanced to the  Company.   Of  these
Ordinary Shares, 184,210 have been issued at a price of 19 pence per share and 50,000 have been issued at a
price  of  20 pence per share. As part of these allotments, Andy Hasoon has been allotted a further  52,632
Ordinary  Shares  at a price of 19 pence per share in repayment of a loan of £10,000 made  by  him  to  the
Company.

Following these issues of Ordinary Shares, Andy Hasoon is interested in a total of 531,579 Ordinary Shares,
representing 23.57 per cent. of the Company's enlarged issued share capital of 2,254,933 Ordinary Shares.

The Directors of Milamber Ventures plc are responsible for the contents of this announcement.

ENQUIRIES:

Milamber Ventures plc
Andy Hasoon
T: 07768 875 681
E: Andy.hasoon@milamberventures.com

Peterhouse Corporate Finance Limited
Mark Anwyl and Fungai Ndoro
T: 020 7469 0930

www.MilamberVentures.com

Contact Information

  • Milamber Ventures Plc