DEED OF RELEASE – SILVERBELL INVESTMENTS PLC (Formerly Opus Media plc)
December 3, 2007
On 27 December 2006 Charter Pacific Corporation Limited (ASX Code: CHF) announced that it had acquired the business of UK based company Opus Media plc (now known as Silverbell Investments plc). An initial payment of A$3.7 million (₤1.5 million) as consideration for the acquisition was satisfied by the issue of 9,258,256 Charter Pacific ordinary shares at the price equivalent to the preceding 5 day volume weighted average per Charter Pacific share of A$0.404. Any balance acquisition price payable by Charter Pacific was dependent upon revenues from the acquired business exceeding ₤5 million or ₤15 million pounds, as the case may be, in any one calendar year ending on or before 31 December 2009.
By a Deed of Release dated 30 November 2007, Charter Pacific was immediately released from any further obligations to Silverbell Investments plc relating to the acquisition, including:
- any obligation to issue any further shares or options to Silverbell Investments plc, irrespective of whether any revenue targets are met before 31 December 2009; and
- any obligation to pay certain amounts totalling approximately ₤472,122.15 (A$1.1 million), which liabilities had been assumed as part of the acquisition of the business.