U.K. mobile entertainmemt service provider MonsterMob signed an agreement to acquire 100 percent of the share capital of Upper Mobile Limited (UML). UML is 100 percent owner of Information Gateway (IG), a Philippinean mobile content and entertainment company and Creative Minds, a Singaporean content development and production company. It is expected that completion will occur on 31 March. Total consideration payable is based on 3 times Profit Before Tax for the 24 months following completion. On completion, Monstermob will pay an upfront stock consideration of 6,349,177 Monstermob shares representing GBP 19.11 million at the closing mid market price of GBP 3.01 per Monstermob share as at 18 March.
