Com & Tel Media Limited entered into a conditional share sale agreement to acquire Cellcast (UK) Limited from Cellcast plc (AIM:CLTV) for £0.38 million on August 19, 2019. Pursuant to the transaction, the consideration will be paid in cash plus the contingent right to certain additional consideration. The finance for the transaction is being provided to Com & Tel Media by SMS Media Limited. The transaction is subject to shareholders’ approval at the General Meeting to be held on September 6, 2019. Subject to shareholders’ approval, the Board proposes to change the name of Cellcast plc to Vintana plc, conditional on the passing of the resolutions in the General Meeting on completion of the disposal, Craig Gardiner, Emmanuelle Guicharnaud and Bertrand Folliet will resign as the Directors of Cellcast and none of the resigning Directors will take any part in any Board assessment of the disposal. The Board has unanimously recommend to the shareholders to approve the disposal. The transaction is expected to be complete by September 6, 2019. The proceeds of the disposal will be used to cover the costs of the disposal, expected to total approximately £0.13 million and to provide Cellcast with working capital whilst it seeks a suitable reverse takeover candidate. Nick Naylor and James Reeve of Allenby Capital Limited acted as the financial advisors to Cellcast plc. Com & Tel Media Limited completed the acquisition of Cellcast (UK) Limited from Cellcast plc (AIM:CLTV) September 6, 2019.