Ory Weihs
Issuing a market note, London AIM listed industry marketing and player acquisition specialist XLMedia has informed that its two largest shareholders WebPals Entertainment and Partners Limited Partnership have agreed to sell their remaining stakes in its enterprise.
The joint disposal will see early stage investor WebPals and Israeli VC fund Partners Limited place 64.2 million of XLMedia shares for sale, at a target price of 110p per share.
The combined share sale represents approximately 32% of equity in XLMedia, for a sum of £70.6 million. XLMedia governance has confirmed that private bank Berenberg will be acting a sole bookrunner for the transaction.
As a result of the share sale, XLMedia Chief Executive and Founder Ory Weihs will be forced to decrease his corporate shareholding from 4.5 to 2.7 million shares, as Weihs holds an indirect attachment to investor WebPals Entertainment.
Last February, WebPals sold 40 million XLMedia shares, representing a 20% stake, at 100p per share.
Presenting its full-year 2016 financial results this March, XLMedia governance reported company revenues of $103 million with FY net profits of $31 million (2015: $24.3 million);
Source: SBC News
