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Synchronica
- BY: Andrew Hore |
- POSTED: 08/02/2012 |
- COMMENTS: Add yours
Mobile messaging technology provider Synchronica, which is the subject of a contested, all-share bid from rival Myriad AG, has signed a letter of intent with TSX Venture Exchange-quoted Intertainment Media.
The intention is to integrate Synchronica’s messaging platform, Mobile Gateway, with Intertainment Media’s Ortsbo experiential language technology. Synchronica’s users will be able to access real-time translation into more than 50 languages.
The two companies will licence their technologies to a new company which they will jointly own and use to finance development. This will help Synchronica to reduce its overheads.
Part of the deal is an investment of up to C$10m by Intertainment in Synchronica. The minimum subscription price will be 16p a unit – one ordinary shares and one warrant exercisable at C$0.40 a share. This requires shareholder approval. The initial investment will be C$1m and a further investment of between C$1m and C$5m will be made in March.
At 13.88p a share, Synchronica is valued at £22m. When the Myriad bid was announced it valued each Synchronica share at 13p and the company at £20.6m.
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