YooMedia gets Fresh IT

YooMedia has made a conditional agreement to purchase the Spanish Fresh Interactive Technologies SA for £12.9 million (€17.08m). The move has been made possible by a consolidation of the company’s shares and an increase in YooMedia’s share capital.

£12.9 million will be raised including £8.6 million new shares, most of which will be placed with the investment vehicle Kasei 2000 SL, which in July 2007 was given an option to acquire the Company’s games and gambling business.

At the same time YooMedia is making settlements with two of its lenders, Highbridge International LLC and Platinum Value Arbitrage Fund, and paying fees due to its directors.

Fresh has worked with Digital+, Euskaltel and Jazztel in Spain, BSkyB, ITV and Music Choice in the UK and Disney Television International, Universal Studios
Network and Warner Bros.

It also looks as if the YooMedia name will disappear to be replaced by Mirada plc.

Michael Sinclair stays as chairman of the enlarged group and Fresh’s chief executive, José-Luis Vazquez, will become chief executive officer. Neil MacDonald, currently YooMedia’s managing director, will become chief operating officer.