NetPlay TV
On 7 April 2009, it was announced that Virgin Media Television had agreed to buy options to acquire 9.9 percent of NetPlay TV Plc's shares at a strike price of 18 pence per share.
NetPlay acquired the business assets of Two Way Gaming Ltd, the provider of the Challenge Jackpot gaming services, for £2 million pounds in stock.
NetPlay TV signed production and gaming agreements with Virgin Media Television for an initial period until June 30, 2013, and take over production of Challenge Jackpot, including its website and television channel.
On 25 March 2010, NetPlay TV and Virgin Media Television agreed to the termination of the option agreement entered into on 7 April 2009 under which VMTV was granted options over 14.9m ordinary shares being 9.9 per cent of the share capital then in issue at a price of 18p per share (the "Option Agreement"). Under the revised agreement NetPlay TV will take control of the current Challenge Jackpot database and terminate the Option Agreement in exchange for a fixed cash payment of £1.82m. The current database generated £2.9m of gross gaming margin from 12 May 2009 to 31 December 2009 and was subject to a revenue share agreement. Under the revised terms, all revenues arising from this database will be retained by NetPlay TV, with VMTV receiving fixed monthly payments that reflect the value of its airtime.
Read more about this topic: Living TV Group