Stream Communications Network and Media Inc SCNWF

News Release!

[JD56]

Stream Communications to sell interest in Stream Poland

2011-12-06 13:02 ET - News Release

Mr. Yang Siow reports

SALE OF STAKE IN STREAM COMMUNICATIONS SP. Z O.O. BY STREAM COMMUNICATIONS NETWORK & MEDIA INC.

Stream Communications Network & Media Inc. has received a signed conditional sale agreement conducted between Multimedia Polska SA and Stream Communications Sp. z o.o. (Stream Poland) and Stream Communications Network & Media (Stream Canada), and Almerio Consultancy Ltd. and MNI Telecom SA (MNI Telecom).

Basic conditions of the agreement follows.

Price

All shareholders of Stream Poland placed an irrevocable sale offer to Multimedia to sell 100 per cent of its shares in the capital of Stream Poland for total price of 141.25 zloty. Stream Canada offered to sell its stake for 27,276,000 zloty.

Payment

The price will be paid in two instalments:

• 55 million zloty payable within seven days from validation of the Antimonopoly Office decision for unconditional concentration;
• 86.25 million zloty payable within six months from validation of the Antimonopoly Office decision for unconditional concentration.

Stream Canada will receive proceeds from the sale of its stake in the first instalment.

Conditions precedent:

• Receipt of valid decision of the Antimonopoly Office for unconditional concentration;
• Receipt of bank statements that Stream Poland has repaid its bank debts, and bank statements regarding realizing of Stream Poland assets and/or shares.