MySQUAR Limited Agreement to Sell Advertising on WeChat in Myanmar (2414D)
October 08 2018 - 2:00AM
UK Regulatory
TIDMMYSQ
RNS Number : 2414D
MySQUAR Limited
08 October 2018
8 October 2018
MySQUAR Limited ("MySQUAR" or the "Company")
Agreement to Sell Advertising on WeChat in Myanmar
MySQUAR, the Myanmar-language social media, entertainment and
payments platform whose principal activity is to design, develop
and commercialise Myanmar-focused internet-based mobile
applications, is pleased to announce it has entered into a
non-exclusive agreement to sell and promote WeChat advertising
products and services in Myanmar ("WeChat Agreement"). The WeChat
Agreement relates to advertisements from Myanmar based advertisers
targeting mainland Chinese visitors to Myanmar and Myanmar resident
users of WeChat.
WeChat is a Chinese multi-purpose messaging, social media and
mobile payment app developed by Tencent, the multinational
technology investment group. WeChat is one of the world's largest
standalone mobile apps with more than 900 million daily active
users (WeChat Data Report, November 2017) and is regarded by many
as increasingly integral to the Chinese lifestyle. WeChat's wide
range of functions include mobile payments, with more than 600
million active users, and an instant translation feature covering
more than 20 languages.
The WeChat Agreement was entered into by the Company with Hoi Li
On International Limited ("HLO"), a wholly owned subsidiary of
BlueOcean Advertising Limited ("BlueOcean") which is WeChat
Ecosystem Solution Provider for brands and merchants seeking to
acquire and engage Chinese customers. BlueOcean is a "Tencent
Official Institutional Partner" under a Global Advertising Licence
made with Morespark Limited (a wholly owned subsidiary of Tencent
Holdings Limited). Tencent Holdings Limited is quoted on the Hong
Kong Stock Exchange (ticker 0700.HK) with a market capitalisation
of approximately HKD 3,000bn (GBP 294bn).
In consideration of consultancy services relating to the
introduction of BlueOcean to the Company and negotiation of the
WeChat Agreement the Company has agreed to issue 17,471,657
ordinary shares of no par value to each of Sea Desert Holdings
Limited and GP Holdings Desert Limited. Application ("Shares") will
be made for these shares, which will rank pari passu with the
Company's existing issued Ordinary Shares, to be admitted to
trading on AIM. It is expected that admission will become effective
and that trading in the Shares will commence on or around 12
October 2018 ("Admission").
Board changes
MySQUAR further announces that Eric Schaer has resigned his
positions as CEO and director of MySQUAR. Eric will receive 12
month's salary in lieu of notice. The Company has recruitment
search agents in place to identify a new CEO with the necessary
experience and skills to take the Company forward. Eric's primary
role has been to identify products which the Company can monetise,
and to raise the funds to develop them. His replacement will be
tasked primarily with continuing to develop and build upon those
products going forward.
In the meantime, Stephen Chong, currently COO of the Company
(non-board role) has been appointed interim CEO and a director of
the Company. In addition, the Company proposes to strengthen the
Non-Executive board of the Company by the appointment of Stephen
Austin as a Non-Executive Director. Following a career as a
corporate lawyer, qualified executive and corporate stockbroker,
Stephen is now the Chief Investment Officer of Plumtree Capital
Limited, an FCA authorised corporate finance firm. Stephen will
join the Audit, AIM Compliance and Remuneration Committees. Further
details on Stephen are set out below. Stephen's company, Plumtree
Capital Limited, has previously provided advice in connection with
previous fund raisings of the Company. He will recuse himself from
decisions relating to financing where he may have a conflict.
Total Voting Rights
In accordance with the Company's Memorandum and Articles of
Association, the Company hereby announces that following Admission
it will have 908,526,180 Ordinary Shares in issue, none of which
are held in Treasury. Therefore, the total number of voting rights
in the Company is 908,526,180.
The above figure of 908,526,180 may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the Company's Memorandum and Articles of Association.
Piers Pottinger, Chairman of MySQUAR, commented:
"The Company is delighted to have secured an agreement to
provide advertising services directed at users of WeChat in
Myanmar. WeChat is the world's most popular messaging service. This
is a new and exciting new business line for the Company and, whilst
revenues cannot be predicted, the Board believes that our
relationship with Tencent and its partners is strategically
important for the Company and we hope to build substantially upon
it."
"We are sad that Eric is moving on as he has worked tirelessly
to develop the MySQUAR platform over the past four years. From
preparing the Company for AIM to today's announcement of our
historic WeChat Agreement, his contribution has been invaluable. As
the development phase of the Company draws to a close, the Company
is seeking to appoint a new CEO with proven execution abilities to
bring Eric's strategy to fruition and in the meantime the Board is
grateful that Stephen Chong has taken on the CEO responsibilities
pro tem. We wish Eric success with his new ventures and welcome
Stephen Chong and Stephen Austin to the Board."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information:
MySQUAR Limited
Stephen Chong (Interim Chief Executive) Tel: +65 6725 6388
SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker Tel: +44 (0) 203 470
0470
Stuart Gledhill / Soltan Tagiev
Daniel Stewart and Company Plc
Joint Broker Tel: +44 (0) 207 776
6550
David Lawman/Jon Levinson/Daphne
Zhang
Public Relations Tel: +44 (0) 781 677
0758
Damien McCrystal damien@mccrystal.info
The information required by Schedule 2 Paragraph (g) of the AIM
Rules for Companies in relation to the appointment of Stephen
Michael Austin (aged 51) is as follows:
Current Directorships Directorships with the past five
years
Plumtree Opportunities Limited
---------------------------------
Plumtree Small Cap Credit LLP
(as limited partner)
---------------------------------
EC Acquisitions plc (formerly
called Wisdom Acquisitions plc)
---------------------------------
Amphion Innovations plc
---------------------------------
The information required by Schedule 2 Paragraph (g) of the AIM
Rules for Companies in relation to the appointment of Stephen Chong
(also known as Chong Ee Yong) (aged 57) is as follows:
Current Directorships Directorships with the past
five years
Pebble Bridge Pte Ltd
----------------------------
IWV (Singapore) Pte Ltd
----------------------------
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END
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