SCCC Sun 3C Media

RNS Number:9150S
Sun 3C Media PLC
14 March 2007



                                Sun 3C Media Plc

           Acquisition of Twenty One CN Business News Agency Limited


Sun 3C Media, Plc (AIM: SCCC "Sun 3C") announces that, further to the
announcement on 1 December 2006, it has completed the acquisition of Twenty One
CN Business News Agency Limited ("21 CN") from Sun Media Investment Holdings
Limited ("SMIH"), a company controlled by Dr. Bruno Wu, the controlling
shareholder of Sun 3C.


Pursuant to the terms of the sale and purchase agreement ("Acquisition 
Agreement"), Sun 3C purchased 21 CN from SMIH for a consideration price of
#1,000,000. This was satisfied in full by the allotment of 5,000,000 ordinary
shares of #0.20 in Sun 3C (the "Consideration Shares") to Global Sun TV Escrow
Limited  ("Escrow Agent") in accordance with the terms of an escrow agreement
entered into by the parties with the Escrow Agent ("Escrow Agreement").


According to the Acquisition Agreement, SMIH has undertaken to Sun 3C that the
aggregate Profits after Tax of the company shall not be less than #200,000 for
the financial year commencing 1 January 2007 and ending 31 December 2007.


Pursuant to the Acquisition Agreement, SMIH undertakes to Sun 3C not to dispose
or agree to dispose of any of the Consideration Shares (or any interest in such
shares) for a period of 12 months from the admission of the Consideration Shares
to trading on the AIM, save with the prior written consent of Sun 3C and
Corporate Synergy or in certain specified circumstances.


Under a side letter to the Acquisition Agreement, SMIH have also confirmed that
all sums owed to it by 21CN shall be deemed cancelled and satisfied in full.


Under the terms of the Escrow Agreement, the Escrow Agent has been appointed to
hold the Consideration Shares on behalf of Sun 3C and SMIH in accordance with
the Escrow Agreement. The Escrow Agent will release the Consideration Shares to
SMIH within 30 days of the receipt by Sun 3C of the statutory accounts of SMIH
for the financial year commencing 1 January 2007 and ending 31 December 2007 ("
Release Date"). Such release shall be subject to any pending claims brought by
Sun 3C under the Acquisition Agreement prior to Release Date. Disposal of the
Consideration Shares shall be subject to orderly market provisions.


In the event that Sun 3C brings a successful claim under the Acquisition
Agreement the appropriate number of Consideration Shares shall, at Sun 3C's
option, be converted to deferred shares.


The Escrow Agreement and Acquisition Agreement are governed by English law. Any
dispute which arises in connection with the Escrow Agreement shall be settled in
London following the rules of the International Chamber of Commerce.


Enquiries:


Sun 3C Media:

Matt Burr / John McKeon                           020 7638 9571


Corporate Synergy


William Vandyk                                    020 7448 4400


Citigate Dewe Rogerson


Martin Jackson / Nina Soon / Hannah Seward        020 7638 9571


About Sun 3C Media:

Sun 3C Media Plc is a consumer media company delivering cross-media content,
community, and commerce applications in mainland China. The company manages a
network of interactive communication channels from mobile to internet to TV, and
owns the rights to a number of leading traditional media brands in China.   Sun
3C is positioning itself as China's leading integrated, multi-platform media
company creating new media products and services that leverage recognized
traditional media brands.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQMGGMFNDDGNZG

Sun 3C Media (LSE:SCCC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Sun 3C Media (LSE:SCCC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024