On Monday, Authorised Investment Fund informed that its investee company e-Mersion Media Pty Ltd, formerly known as Box Digital Media Pty Ltd, has successfully resolved its legal disputes relating to the acquisition of digital magazines.
Pooled Development Fund, Authorised Investment Fund Limited (ASX: AIY), forwarded the investors' release of e-Mersion to keep the market informed about the occurrence and favourable impact of the event taken place in its investee company.
The release read that e-Mersion Media has resolved its legal dispute with Cool Time Equity Pty Ltd and Box International Pty Ltd, relating to the acquisition of Box Magazine and Watch Magazine.
With the matters now legally settled, e-Mersion Media has acquired all the rights to take over both the luxury lifestyle magazines, Box Magazine and Watch Magazine.
Headquartered in Melbourne, e-Mersion Media provides groundbreaking digital publishing solutions to third-party magazines. It delivers âalways onâ content in real time through its unique platform encompassing a pioneering technology that fully immerses consumers across a brandâs entire ecosystem.
The settlement of dispute led to the addition of e-Mersion shareholderâs wealth. It tells us about the cancellation of shares in the capital of e-Mersion Media held by the disputed parties which will notionally increase the value of each share held by a continuing shareholder of e-Mersion Media. As reported by the e-Mersion, there could be as much as a 20% increase in shareholdersâ value on the cancellation of pending 305 shares from e-Mersion Mediaâs current issued capital of 1446 ordinary shares.
Founder and Executive Chairman of e-Mersion Media, Mr John Iliopoulos, stated that âThe outstanding financial outcome the Board has achieved for e-Mersion Media vindicates the position it has maintained all along. With the In The Code Pty Ltd matter also recently settled, this brings an end to the legal disputes against the Company, meaning that e-Mersion can now push on with the commercialisation of e-Mersion Media in an unfettered manner.â
As per the latest half-yearly results, Authorised Investment Fund holds 14% interest in e-Mersion. The shareholding in e-Mersion Media underscores AIYâs interest in the lucrative digital media industry as it has heavily invested in the leading digital media players including e-Mersion Media, Asian Integrated Media Pty Ltd and AIMâs venture with Ambient Digital.
AIYâs investment in e-Mersion is primarily led by its comprehensive data-gathering analytics platform, empowering client partners and advertisers to monitor and measure content engagement and e-commerce.
Ownership of Box Magazine defines e-Mersionâs leading market position in the luxury publishing sector, with over 12 years of publishing experience. e-Mersion provides new real-time revenue channels for advertisers while allowing Brands to tap into aggregate, tailor and share existing âricher contentâ that formerly was distributed only through limited owned web and social channels.
AIY last traded at $0.075 with a market capitalisation of $30.49 million as at 26 March 2019. Over the past six months, the stock price mounted as high as 153.33%, taking its 12 months' yield to 74.16%.
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