ABS-CBN terminates sale, purchase deal with Cignal
In disclosures to both the Philippine Stock Exchange and the Securities Exchange Commission Thursday, Sky Vision Corp., ABS-CBN Corp., Lopez, Inc., and Cignal Cable Corp. announced that they have mutually agreed to terminate the sale and purchase agreement dated August 10.
This covers the proposed acquisition by Cignal Cable of 38.88 percent equity interest in Sky Cable Corp. and the debt instruments agreement dated August 10 covering the proposed subscription by Cignal Cable to an exchangeable debt instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a convertible note issued by Sky Cable.
The termination was formalized through a memorandum of agreement. The parties confirmed that they have not implemented any of the transactions covered by the sale and purchase agreement and the debt instruments agreement.
In a separate disclosure, TV5 Network, Inc. and ABS-CBN Corp. also announced that they have mutually agreed to terminate the investment agreement dated August 10 covering the proposed acquisition by ABS-CBN of 34.99 percent equity interest in TV5 and the convertible note agreement dated August 10 covering the proposed subscription by ABS-CBN to a convertible note to be issued by TV5.
The termination was also formalized through a memorandum of agreement. The parties confirmed that they have not implemented any of the transactions covered by the investment agreement and the convertible note agreement. ABS-CBN Corp.
