The Management Board of 4fun Media S.A. ("Issuer") announces information that the Issuer's subsidiary, ie 4fun.tv Sp. z o.o. (hereinafter referred to as the "Subsidiary"), in which the Issuer holds the majority of shares, signed with Patrick Deba, Konrad Ozdowy and the company Mustache Warsaw sp. o.o. a document establishing the preliminary terms of the transaction (the so-called Term Sheet) concerning the investment by the Subsidiary on the mustache.pl website currently operated by Mustache Warsaw sp. o.o., whose majority shareholders are Patrick Deba and Konrad Ozdowy. The mustache.pl website is an e-commerce platform that brings together independent fashion and design designers who - through the platform - offer limited series of their products.
The investment is to consist in the purchase by the Company of a subsidiary company Mustache Warsaw sp. o.o. companies of this company in the form of assets making up the mustache.pl website and assets used to organize a periodic clothing fair under the brand "Mustache Yard Sale".
Management 4fun Media S.A. estimates that the amount for which the company Mustache Warsaw sp. z o.o. a maximum of PLN 480,000.00 (four hundred eighty thousand) zlotys. The Term Sheet defines the preliminary terms of the transaction and the subject of further negotiations between the parties, which in the case of a positive conclusion of negotiations will be reflected in the signed by the Subsidiary, Patrick Debra, Konrad Ozdowy and Mustache Warsaw sp. O.o. investment contract.
The conclusion of the Term Sheet is part of the development strategy of the Capital Group in the e-commerce and digital sectors, about which the Issuer's Management Board informed in its report No. 17/2018 of June 7, 2018. Earlier, information about the acquisition of a controlling stake on the website of CupSell Sp. o.o and about the start of negotiations regarding the purchase of shares in naEKRANIE.pl sp. o.o. The Issuer's strategy adopted for 2018-2019 assumes the implementation of capital investments in the e-commerce and digital sectors by way of taking up shares or shares, i.e. a share deal or through the acquisition of an organized part of the enterprise, i.e. asset deal.
Source: company website, investor relations, current and periodic reports.