Imaginatik plc (LON: IMTK), the innovation software company, has today announced that it has entered into a conditional agreement to sell the business and assets of Imaginatik, including its name, associated domains and trademarks and its trading assets, (being the whole business of the Company), for an initial cash consideration of $1.7 million payable on Completion and up to a further $800,000 depending on the satisfaction of certain conditions. In accordance with AIM Rule 15, the Disposal constitutes a fundamental change of business of the Company and is therefore conditional on Shareholders’ approval at a General Meeting of the Company being convened for 9.15 a.m. on 28 January 2019.
Commenting on the Sale, Angus Forrest, Chief Executive of Imaginatik plc, said:
“Whilst considerable progress has been made in improving the business, there is still more to do to ensure the business has a successful independent future. The Board believes the offer received from Planbox Inc recognises the progress made and it is in the interests of all Imaginatik shareholders to approve the sale of the business.”