In a disclosure to the PSE and SEC, Sky Vision Corporation (“Sky Vision”), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation (“Cignal Cable”), announced that they have mutually agreed to terminate the Sale and Purchase Agreement dated August 10, 2022.
The Sale and Purchase agreement, covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated August 10, 2022, covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable.
ABS-CBN and TV5 also mutually agreed to terminate the Investment Agreement dated August 10, 2022, covering the proposed acquisition by ABS-CBN of 34.99% equity interest in TV5, and the Convertible Note Agreement dated August 10, 2022, covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5.
The terminations were also formalized through a Memorandum of Agreement.
