Additionally, the company said that Ad-vantage will become its wholly owned subsidiary and JMG
will seek a one-for-two reverse stock split, extending its three classes of warrants (USD4.25, USD5.00 and USD6.00) for a period of 18 months from the closing of the transaction; all officers and directors of Ad-Vantage will be inducted as JMG
's officers and directors; and JMG
's board will consist of five persons, two designated by Ad-Vantage, two by JMG
and one independent director to be mutually designated by the parties.
Div B: JMG
Marton 36, Balti Hut 29, Stafford Place 24, Station Hotel 22, Winning Post 22, Yarm 19, Tall Trees 18.
Operating under the name AdVantage Networks, the target company has become a wholly owned JMG
subsidiary, while JMG
will rename itself to Ad-Vantage Networks Holding Inc.
batted first when visiting Station Hotel, Billingham with D Trodden (100no) and A Emmerson (59) setting up a massive 190-1.
As the deal is closed, JMG
will pay 16.99m shares and effect a one-for-two reverse stock split resulting in its current shareholders holding some 13.2% in the company, with the remainder to be owned by a group of the target's security holders.
Completion of the deal is subject to standard conditions, among them a due diligence period of 90 days and the execution of a definitive agreement, JMG
said without disclosing financial specifics.
Div A: MSV 20 lost to Jap Parts UK 97 for 9 (Hussain 5-9, Roger 27); Stafford Place 106 for 6 beat Azaad 88 (Hollis 34, Muddasar 29); Omar Khayyam 80 for 2 beat JMG
Joiners 75 for 7 (A.Ramzan 30no, N.Ramzan 40no); Pot & Glass 127 for 1 (Fawcett 57no, Kean 56no) beat Mike McKenna Sports 125 for 6 (Rasheed 34, Noor 29, Baksh 30).
Benfield recorded an unbeaten century as JMG
Joiners continued their recent good form in the A Division.
MSV consolidated their position at the top of A Division with an eight wicket win over JMG