3rd Nov 2015 14:12
LONDON (Alliance News) - Mporium Group PLC on Tuesday said it has sold its non-core Global Mobile Transactions (Isle of Man) Ltd subsidiary for a token GBP1 to its former chief executive, Dominic Keen.
The GMT business was originally set-up as a 24/7 call centre to provide support services to mporium customers and other third parties. But following mporium's change in strategy towards mobile-commerce services earlier this year, the business was categorised as a non-core operation
It has been sold to Keen, who left the company when it changed its name to mporium from MoPowered Group in May this year, for GBP1.00. Under the terms of the deal, should GMT be sold in the three years following the disposal, mporium will get 25% of the sale proceeds between GBP250,000 and GBP500,000 and 50% of the proceeds if the sale price exceeds GBP500,000.
Shares in mporium were down 2.0% to 9.681 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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