Completed Acquisition of 40 per cent of Moshen Limited

10 April 2013

Concha, the AIM listed company investing in media, communications and technology companies, is pleased to confirm that further to its announcement on 5 April 2013 it has completed its acquisition of 40 per cent of the issued share capital of Moshen Limited, a leading developer and distributor of digital Apps focusing on the sports, games and entertainment sectors.

Concha has paid consideration of £250,000 in cash for a 40 per cent interest in Moshen and has provided a further £250,000 in the form of a secured term loan, repayable in 10 equal monthly instalments beginning on 31 May 2013. 

Moshen is a specialist developer and distributor for digital Apps focusing on the sports, games and entertainment sectors. It is based in Lancaster and currently employs 19 people. Moshen has built an extensive worldwide client base during its relatively short three year history and includes official Apps for a number of leading sporting federations, associations, leagues, clubs and individuals such as the English Premier League, Manchester United Football Club, Manchester City Football Club, Chelsea Football Club, the International Cricket Council, International Management Group, Professional Darts Championship and Sir Steve Redgrave. In addition, Moshen has developed a number of proprietary Apps, including the popular "Darts Night" App which has been downloaded by approximately 1.6 million users and on which approximately 140 million games have been played. 

Moshen was founded in 2009 by the current Chief Executive Officer and majority shareholder, Graham Baines, who was formerly a Director of ROK Entertainment Group Inc., a mobile television and value added services provider for mobile network operators and handset manufacturers. Following completion of the Moshen Acquisition, Chris Akers, Executive Chairman of Concha, will become a Non-executive Director of Moshen in order to monitor Concha's 40 per cent investment and also to give Moshen access to his worldwide database of sports contacts.

The Directors believe the market for the leading official sports Apps for the major sporting federations, associations, leagues and clubs will continue to experience strong growth over the coming years as a result of their brand strength, large fan bases and social media followings. Accordingly, the Directors believe Moshen is well positioned to benefit from its existing and prospective pipeline of internet, App and SMS releases, which are expected to generate income through design and build fees, through ongoing revenue share agreements with the content and intellectual property owners of premium Apps and through within-App purchases. Furthermore, Moshen is entitled to a share of advertising revenue from its proprietary Apps. New product launches for new customers, continued product development for existing customers and increasing accessibility of existing products are expected to drive strong sales growth in 2013.

 

Enquiries:

Concha plc
Chris Akers
chris.akers@srgplc.com
   
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Harris
Andrew Emmott
Tel: 020 7409 3494
   
PeterHouse Corporate Finance (Joint Broker)
Jon Levinson
Lucy Williams
Tel: 020 7926 0935

 

Notes to Editors

Concha PLC is an AIM listed investment vehicle created after the disposal of certain intellectual property and assets of the "Hot Tuna" fashion brand.  The Company's strategic objective is to make investments in technology, media or entertainment companies and/or assets where the Directors believe there are opportunities for growth which, if achieved, will be earnings enhancing for Shareholders.  The Directors intend to manage the resulting portfolio of investments actively to enhance shareholder value through follow on investments and disposals from time to time.

http://www.conchaplc.com/

 

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