GEM Global Yield Fund Limited and GEM Investments America LLC signed the related contract with Est Media on Tuesday. The contract should be approved by the annual meeting of the target company.
The exact timing of the investments will be decided by Est Media, and the investor will receive shares for its cash investment. The shares will be issued at 90% of the share’s average closing price on the Budapest Stock Exchange in the preceding 15 days.
Est Media said the funds could support the group’s refinancing endeavors on the short run, and the development of its international media operations and an eventual further geographical expansion on the medium term.
Est Media is traded in category “B” of the Budapest Stock Exchange. Its portfolio includes several print and online publications and it is the largest owner of festival organizer Sziget. With Sziget revenue consolidated, Est Media had more than HUF 8 billion revenue in 2010.
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