December 21, 2016 / 7:14 AM / 7 months ago

BRIEF-Inteliwise's to buy 100 pct of Limtel by end of April 2017

2 Min Read

Dec 21 (Reuters) - Inteliwise SA :

* Said on Tuesday that all partners of Limtel sp. z o.o. (Limtel) confirmed acceptance of the offer to acquire Limtel by the company

* Following the consent, Inteliwise signed an agreement with Giza Polish Ventures I Sp. z o.o. SKA, Grzegorz Siehien, Pawel Stefanczyk, Kamil Ciukszo, Turnpoint Group Sp. z o.o. and Grupa FRR Sp. z o.o.

* Under the agreement the acquisition price of all shares was set for 0.1 million zlotys ($23,635)

* On Dec. 20, Inteliwise bought 49.32 pct stake in Limtel for 47,311 zlotys from Giza Polish Ventures I Sp. z o.o. SKA

* Remaining shares of Limtel to be acquired between Feb. 28, 2017 and April 31, 2017

* As part of transaction, partners of Limtel will acquire no more than 600,000 new shares of Inteliwise

* The company will issue to Limtel partners series C subscription warrants entitling to acquire the company's series E shares in the period from July 1, 2017 to June 30, 2018, at the issue price equal to the nominal value of new shares

* The acquisition of subscription warrants by Limtel partners will be possible after the acquisition by Inteliwise of 100 pct stake in Limtel

* The company started negotiation of buying Limtel in Oct.

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