News blog
Bright Things
- BY: Andrew Hore |
- POSTED: 29/12/2009 |
Bright Things is buying Get On With It Ltd, which provides development services for the company’s SocialGo networking service.
Bright Things is currently paying a monthly fee to GOWIT, which is also entitled to a royalty of 7.5% of net sales of SocialGO in excess of £2m. Bright Things is paying 34.999m shares and 41.625m warrants exercisable at 1.25p a share for GOWIT. The shares are worth £402,5000 at a share price of 1.15p a share. The share issue includes 23.333m shares which will be issued in four equal tranches on the first four anniversaries of completing the deal. The issue of 29.96m warrants will be deferred for one year.
Stephen Hardman and Alexander Halliday will join the Bright Things board as joint managing directors. Hardman will be issued 6.26m EMI share options and Halliday 7.05m EMI options. Other members of GOWIT’s management will receive 5.07m EMI share options in total. All these options are exercisable at 4p a share.
Bentworth Holdings, trading as Veddis Ventures, is subscribing £500,000 for shares at 1.25p a share. The cash will be used to finance sales and marketing. Bentworth has been granted options over 15m shares at 1.25p a share.
Bentworth has the right to appoint a director as long as it owns at least 4% of Bright Things. Partygaming co-founder Vikrant Bhargava is joining the Bright Things board as Bentworth’s representative. He left Partygaming in 2006 and is a former director of Bentworth. Matthew Tims is stepping down from the board.
Bright Things is valued at £3.12m.
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