Sealand Capital Galaxy Limited Update on Disposal of SecureCom (1019R)

TIDMSCGL

RNS Number : 1019R

Sealand Capital Galaxy Limited

12 June 2018

For immediate release: 12 June 2018

Sealand Capital Galaxy Limited

("Sealand", or "Company")

Update on Disposal of SecureCom Media Holdings Limited

Following the announcement made on 20(th) April 2018, Sealand Capital Galaxy Limited gives the following update on the sale of its entire holding in SecureCom Media Holdings Limited ("SecureCom") to Creative Alpha Limited ("Creative Alpha" or the "Purchaser"), (the "Proposed Disposal"), specifically:

1) Sealand has entered into a definitive and legally binding share purchase agreement with Creative Alpha.

   2)    Creative Alpha is not a related party of Sealand. 

The total consideration for Proposed Disposal is GBP10,000, which was determined following negotiation between the Vendor and the Purchaser. Completion is now expected to take place, on or before 30 June 2018, subject to certain terms and conditions being met.

Following completion, Sealand will no longer hold any interest in SecureCom and SecureCom will cease to be a subsidiary of the Company.

SecureCom is a limited liability company incorporated in the British Virgin Islands focused on the provision of advertising services through social media and was acquired by Sealand in February.

Following an extensive review, the Company's directors came to the conclusion that a disposal of SecureCom was in the best interests of shareholders, given of the competitive environment in which SecureCom operates, the business would require substantial additional capital in order to remain competitive, whilst the Group's focus is on the development of its WeChat Pay business.

-ends-

Enquiries

 
 Sealand Capital Galaxy Limited 
 Law Chung Lam Nelson, Chairman 
  and Chief Financial Officer             + 44 7537959788 
 Nicholas Lyth, Non-Executive Director    + 44 7537959788 
 
 Belvedere Communications 
 John West                                [phone] 
 Kim van Beeck                            [phone] 
 Llewellyn Angus                          [phone] 
 

Notes to Editors:

-- Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.

-- The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.

   --      Further information on Sealand is available on its website http://www.scg-ltd.com/ 

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 12, 2018 04:35 ET (08:35 GMT)