6th Mar 2015 15:10
LONDON (Alliance News) - Cellcast PLC Friday said that a joint venture agreed last May has been cancelled as it thinks the funds could be put to better use to expand the business elsewhere.
Under the terms of the deal, Cellcast had agreed to invest GBP1.0 million for a 49% stake in Euro TV SA. The cancellation of the joint venture was a mutual agreement with the partners, the Atlas Group of Companies, Cellcast said.
"Cellcast and the JV Partners have today mutually agreed to cancel the joint venture, as the directors of Cellcast believe that the funds committed by the company to the joint venture would be better utilised pursuing other business expansion opportunities," Cellcast said.
"The joint venture will return to Cellcast the amount it has committed to the Joint Venture and Cellcast will deploy these funds elsewhere in the business as appropriate," Cellcast said.
Cellcast said it will continue to look for opportunities in interactive multiplatform TV, focusing in the main on the gaming and gambling sectors.
Cellcast shares were up 7.3% at 1.10 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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