Spookfish Limited announced the receipt of $5 million royalty payment from Eagle View Technologies on 28 September 2018. It is said to be in accordance with the Development, License and Royalty Agreement that Spookfish and EagleView have entered on 17 May 2016.
EagleView is a Washington based technology provider of aerial imagery, geographic information system and data analytics services. It is the largest shareholder of Spookfish Limited and is engaged into the joint development work with Spookfish since last two years with the view to optimize its image capture technology.
SFI told that the recent payment of $5 million forms part of EagleView’s obligation that was drawn on the amendment of License Agreement as announced on 26 July 2018. As per the new arrangement, the exercise option to extend the agreement for two consecutives 5-year terms rests at the sole discretion of EagleView provided it duly make the payments to Spookfish totaling an aggregate $15 million by 30 September 2018. During that time, EagleView also proposed to acquire the remaining shares of Spookfish at a cash price of $0.08 per share which was later increased to $0.09 per share as on 10 September 2018.
In July this year Spookfish Limited entered into a Scheme Implementation Agreement with Eagle View Technologies Inc. under which bidder will acquire all the issued securities of Spookfish for all cash consideration revised to approximately $1,327,500. The increased purchase consideration of $0.09 per share reflects a significant premium of 76.5% to SFI’s recent close. In the absence of better offer, Spookfish Directors have already given their unanimous recommendation that shareholders should vote in favor of the Scheme.
Subject to the regulatory approvals, if Spookfish’s shareholders gives a green card to the takeover bid, EagleView will clutch the complete rights in Spookfish with an access to its higher image capture technology.
In the market release dated 28 September 2018, Spookfish told that with the payment of $5million, EagleView has paid the aggregate of A$15 million pertaining to which the Development, License and Royalty Agreement could not be reverted to its previous form.
The stock of Spookfish Limited is trading at $0.087 as on 3rd October 2018 (4:37 PM AEST). Yesterday it had gone up by 1.163% closing at $0.087. The stock has seen a performance change of +2.35% over the past one year while it has surged by 77.55% in the last three months.
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