dcsimg
RealTime IT News

Energis PLC To Market Emblaze In Europe

GEO confirmed a deal with Energis PLC in which Energis will pay a fee of 7.5 million pounds for the rights to market GEO's Emblaze streaming media services and applications throughout Europe.

GEO will provide the technology for these services and Energis will deliver the bandwidth and hosting infrastructure through its subsidiary, Planet Online Ltd.

Energis and Planet Online will also provide its strong marketing infrastructure and expertise in the United Kingdom and Europe.

Furthermore, GEO entered into an agreement whereby Energis will acquire existing 6,976,743 Ordinary shares in GEO, or 5.6 percent, to the value of an additional 7.5 million pounds from shares sold by the four founding partners and Olamic Holdings N.V.

Energis will acquire the existing Ordinary shares from GEO's directors for a price equivalent to 107.5 pounds per share (being the market price at the time of entering into heads of agreement with GEO on Sept. 8, 1999).

This price compares with the current market price of 247 pounds on Nov. 9, 1999. Following the sale of GEO existing Ordinary shares, GEO's directors will retain aggregate 78,383,257 Ordinary shares in GEO, representing 65.39 percent of the issued share capital.

GEO's directors will reinvest a portion of the sums they realize from the sale of their Ordinary shares to Energis to acquire additional GEO shares, when permitted under the provisions of GEO's Model Code on dealings.

GEO's directors continue to be bound by a share lock-in provision over the remainder of their Ordinary shares entered into at the time of GEO's entry to the Official List on June 8, 1998.

Energis has also agreed to be bound into a similar lock-in arrangement in respect of the Ordinary shares acquired from GEO's directors. The arrangement expires on June 8, 2000.