- March 24, 2016
LONDON (Alliance News) – Sealand Capital Galaxy Ltd said Thursday it has agreed to acquire security system installer Securecom Media Holdings Ltd for GBP3.0 million in cash and shares, in a reverse takeover.
Sealand, a company formed to undertake an acquisition in the social media sector, said it has entered into the agreement with the sole shareholder of SecureCom for a consideration of GBP1.0 million in cash and GBP2.0 million in new ordinary shares of 20.00 pence per share.
SecureCom has operating rights to the mobile application ‘Metalk’, developed by Logicquest Technology Inc. Metalk safeguards users’ privacy and protects correspondence, applying encryption to text, voice messages and images.
Sealand said it expects that, in conjunction with completion of the acquisition, it will conduct an equity financing raising of no less than GBP1.0 million
Due to the SecureCom transaction being a reverse takeover, shares in Sealand were suspended from trading on the London Main Market.
By Hana StewartSmith; [email protected]; @HanaSSAllNews
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