- Settlement of all claims between the parties
- Cash payments from Azerion to Llama Group of an aggregate of €3,000,000 by 15 July 2024
- Extension of time period for calculation of previously agreed price guarantee to 31 December 2025 from 31 December 2024
- Increase in maximum amount guaranteed by €2,000,000 up to €7,054,780 subject to new value sharing mechanism
Regulatory News
LLAMA GROUP announces that it has finalised a definitive agreement with Azerion, without either party admitting any liability or wrongdoing, settling all potential legal claims between the parties.
As a reminder, on 22 November 2022 LLAMA GROUP announced the sale of the TARGETSPOT division to Azerion (cp-targetspot-azerion-en.pdf (llama-group.com)), including, in addition to the cash portion paid to date, a payment in AZERION shares of 2,782,644 shares.
The agreement means that LLAMA GROUP can definitively turn the page on the sale of TARGETSPOT and has the financial resources to continue its business and finance the launch of its new platform, expected on 2 July.
This agreement provides for
A payment of €3m to Llama Group, of which €0.5m paid shortly after the agreement is signed, with the balance to be received on 15 July 2024.
Extension of time period for calculation of previously agreed price guarantee to 31 December 2025 from 31 December 2024. Increase in maximum amount guaranteed by €2,000,000 up to €7,054,780 subject to new value sharing mechanism related to the value of the Azerion shares.
Currently, Llama Group holds 1,477,861 Azerion shares.
LLAMA GROUP is delighted with this agreement and intends to concentrate fully on developing its offering and achieving its roadmap.
NEXT MEETING
Annual results
Publication of half-yearly sales figures 31 July 2024
About Llama Group
Llama Group is a pioneer and leader in the digital music industry. With extensive expertise across various sectors, the group owns the iconic Winamp platform, the Bridger copyright management company, and the Jamendo music licensing company.
Llama Group's ambition is to build the future of the music industry through sustained investment in a range of innovative solutions and in the talent and skills of people who love music.
The group stands by its brand values: empowerment, access, simplicity, and fairness.
Winamp's vision is a world where a cutting-edge music platform connects artists and their fans like never before.
Bridger's mission is to support songwriters and composers by providing a simple and innovative solution for collecting royalties.
Jamendo enables independent artists to generate additional income through commercial licenses.
Finally, Hotmix offers a bouquet of more than sixty thematic and free digital radio stations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240611645089/en/
Contacts:
Investors relations
Olivier Van Gulck
investors@llama-group.com
