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WIN PLC Board Recommends IMI Mobile’s Cash Offer To Shareholders; Why This Deal

Five days shy of the June 30th deadline, the board of directors of AIM listed WIN plc has unanimously recommended that its shareholders accept a cash offer from Hyderabad headquartered Mobile VAS company IMI Mobile (see disclosure below), and also committed their shareholding of 2.34% for purchase. The offer has been made at the previously mentioned price of GBP 1.41 per WIN plc share, valuing WIN at GBP 15.93 million. It's worth nothing that the offer is conditional on acceptances being received so that IMImobile Europe, the company through which IMI Mobile is looking to acquire WIN plc, will hold more than 50 per cent of voting rights. This would be IMI Mobile's fourth acquisition, after acquiring music downloads and content marketing service DX3, mobile phone book service Mobyko, and Nokia Siemens Networks''s Music2You service, and probably its largest so far. Remember that WIN's largest shareholder, ISIS Equity Partners, opposes this deal. The cash consideration payable by IMImobile Europe will be funded from IMI Mobile's existing cash resources, bank facilities and a loan to IMImobile Europe from Spark Ventures plc. IMI Mobile had raised $13 million from Sequoia Capital and First Mark Capital late last year, its third round of funding, and acquisitions in the EU and USA have been on the agenda. Why is WIN plc Selling? Why Is IMI Mobile Buying? At the end of December 2009, WIN Mobile was debt free, with a turnover of GBP 41.9 million, gross profit of GBP 10.4 million, EBITDA of 2.3 million, gross…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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