Vewd litigation update
Further to our announcement of February 24, 2021, MFC and Otello together with the Vewd Group’s secured lender have reached agreement that as an interim alternative to the appointment of a receiver, a special committee (the “Special Committee”) of the board of Last Lion Holdings Limited shall be appointed. The Special Committee shall be tasked with selling the company or raising finance. The agreement as to the Special Committee’s terms of appointment will in due course be recorded as part of a Court order.
If the Special Committee is successful in achieving either a sale or a refinancing at a sufficient level, Otello will receive:
(1) For its shares in Last Lion, either (i) $48 million plus accrued interest from January 8, 2021 at US Prime interest rate plus 1% or (ii) its pro rata share of any sale proceeds, whichever is greater; and
(2) The face value of $5 million plus accrued interest thereon in respect of the secured promissory note issued to Otello by Last Lion Management LLC, together with all sums due in respect of cost orders made during the court proceedings together with accrued interest on those cost orders.
Petter Lade, CFO
Phone: +47 91143878
Otello holds shares in several different businesses, including (i) AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii) Bemobi, a Mobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps in Latin America and beyond; (iii) Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.