Australias first streaming service Quickflix is trying to get rival Stan to restructure a massive share block it holds in the business, claiming it is putting off new investors as it seeks a new round of capital raising.
In 2014 Stan, owned by Nine Entertainment and Fairfax Media, bought a $1m shareholding from US cable giant HBO which also came with a series of warrants and covenants effectively blocking Quickflix from being sold without the new owners paying more than $10.5m to Stan.
Quickflix today put out a statement to the Australian Securities Exchange saying it was now looking to restructure Stans shares as it goes into yet another round of capital raising from investors claiming they are a significant disincentive for…
Read the full article at: http://mumbrella.com.au/quickflix-looks-to-restructure-rival-stans-shareholding-in-the-business-it-claims-is-putting-off-investors-345790