Astronomical partners are looking to acquire a piece of iCreate Limited. iCreate limited is a skills training organization, it helps in filling in the gap as it relates to digital skills training. So far it seems as if the deal is on the right footing, details are coming out that shareholders have given the green light and the details are being worked out.
Shareholders approved the plan to sell a piece of the iCreate to Foote, but the details of the deal being worked out between the parties were not disclosed.
Astronomical Holdings, which is owned by Foote and minority partners Muna Issa and Geoffrey Ziadie, will be buying into iCreate through a specially created vehicle called AHL (SPV).
The vote on Thursday approved a five-point resolution that gave iCreate the go-ahead for reorganization and to pursue the digital outdoor advertising company, Visual Vibe.
“We’re building out the divisions and subsidiaries of the group,” said CEO Tyrone Reid. “Some will be organic, some will be by acquisitions. There is Visual Vibe and I can confirm that we’re having other conversations,” he said.
iCreate seems to be undergoing a lot of changes since its public offering on the junior stock exchange earlier this year. They are pivoting to a digital media operation that will allow them to enter the lucrative digital media space.
It seems everyone is on board within the company as recently, iCreate shareholders approved plans to offer up to 212.5 million shares for a subscription via a rights issue; and gave the nod to the convertible debt financing for loans of J$100,000,000 and US$400,000 to be provided by Astronomical Holdings Limited and Kintyre Holdings Limited, respectively” to facilitate the Visual Vibe acquisition.
