Miivo Holdings (MIVO.V) completed the closing of its deal with Tandem Partners, a Dubai, UAE-based private company owned by each of Alexander Damouni, the Chief Executive of Miivo, Rabih Brair, the Chief Financial Officer of Miivo and one non-principal, pursuant to which the company acquired all of the issued and outstanding common shares of Tandem from Tandem shareholders, it said on Tuesday.
The period between regulatory acceptance and formal closing was extended due to "unforeseen delays arising from recent geopolitical developments that affected certain administrative, legal, and cross-border processing activities," said the company. It added that these delays were procedural in nature and did not impact the underlying terms of the deal.
Miivo acquired all of the outstanding Tandem shares for total consideration of $1.3 million of which one-third is payable in cash and two-thirds is payable in common shares of the company. At closing, the company paid $208,333.33 in cash and issued an aggregate of 694,444 common shares at $0.60 per common share to the Tandem shareholders.
The remaining portion of the consideration, consisting of an additional $208,333.33 in cash and a further 694,444 common shares, is payable on the date that is six months following closing, in accordance with the terms of the deal, it said. Tandem is now a wholly-owned unit of Miivo.
Shares of the company were last seen unchanged at $0.57 on the TSX Venture Exchange.
Price: $0.60, Change: $+0.03, Percent Change: +5.26%