This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SearchMedia Announces Final Settlement On Arbitration; Management Change

Stocks in this article: IDI

SearchMedia Holdings Limited (“SearchMedia” or the “Company”) (NYSE Amex: IDI) (NYSE Amex: IDI.WS), one of China's leading nationwide multi-platform media companies, today announced that it reached a final settlement agreement of the arbitration between the Company and its predecessor shareholders and announced the appointment of Peter Chan as Interim Chief Financial Officer.

As disclosed in previous announcements, final settlements had been reached with China Seed Ventures, LP, Qinying Liu and Le Yang, and a conditional settlement had been reached with Deutsche Bank AG Hong Kong Branch (“Deutsche Bank”), while an arbitration claim had been continuing against Sun Hing Associates Ltd. and Vervain Equity Investments Limited (the “Nan Fung Group”). SearchMedia has now reached final settlements with both Deutsche Bank and the Nan Fung Group and the arbitration proceeding will be dismissed. In addition, SearchMedia previously reached a final agreement with Linden Ventures II BVI Ltd., a pre-merger investor, in which SearchMedia repurchased all of their outstanding shares.

Following the definitive settlements, an aggregate of 2,471,968 shares have been repurchased by the Company at an average price per share of $0.25, (ii) 2,029,700 shares will be surrendered and cancelled without consideration, and (iii) 1,624,993 warrants will be surrendered and cancelled without consideration. Following the retiring of all of the shares, the Company’s basic shares outstanding will be reduced to 18.2 million, including 1.8 million shares recently issued or to be issued to subsidiaries of the Company as part of resolving earnout obligations. As part of the final settlement, the Nan Fung Group will retain all of their shares and agreed to make an investment in the Company’s next capital raise subject to certain conditions.

The Nan Fung Group is a privately held group of companies and business interests controlled by Mr. Chen Din Hwa that carries on business under the trade name of “Nan Fung”, which is principally engaged in the business of property development, property investment, construction, property management, investment and financing.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,221.70 -165.51 -0.95%
S&P 500 2,007.66 -21.89 -1.08%
NASDAQ 4,648.5970 -32.90 -0.70%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs