Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus before market hours today, 11 March 2014 announced that it has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of $9.1 million in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over 3 years such that cash flows from the North American operations will support the payment.
This acquisition gives PFT ownership of DAX's patented technology and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production. This acquisition also sets the course for PFT's strategic expansion in North America. PFT will significantly enhance the value proposition to DAX's marquee customers including major studios and broadcast networks (Warner Bros. Television Studios, CBS Television Studios, 20th Century Fox Television Studios, Relativity Media, Legendary Pictures, Fox Television Studios, A&E, Showtime, Starz Media and Lionsgate) and many independent production and distribution companies.
Our vision is to build the best enterprise platform for Production on the Cloud by taking a fresh look at media workflows through the lens of a studio that wants to efficiently collaborate across divisions with its entertainment content before, during and after the production phase, said Ramki Sankaranarayanan, Founder and CEO, PFT. Digital Dailies is one of the first significant entry points to Production on the Cloud. PFT's CLEARTM Media ERP platform combined with DAX's team and products will accelerate the realization of this vision.
Prime Focus before market hours today, 11 March 2014 said that the Board of Directors of the company at its meeting held on 10 March 2014, has considered and noted terms and conditions set out in the Draft Asset Purchase Agreement; and related documents to be executed in connection with purchase of substantially all of the Assets of Sample Digital Holdings LLC, a California limited liability Company by Prime Focus Technologies (Indian subsidiary of the company) through its wholly owned subsidiary DAX PFT, LLC, a Delaware Limited Liability Company.
Tata Steel said after market hours on Monday, 10 March 2014 that since the announcement on 10 April 2013 regarding amalgamation of Kalimati with the company under the Scheme of Amalgamation, the company has taken various steps to complete the amalgamation of Kalimati with the company. Currently, the Scheme of Amalgamation is pending for final hearing before the Bombay High Court.
Clause 15.C of the Scheme of Amalgamation reads that "In the event of this Scheme failing to take effect by 31 March 2014 or such later date as may be agreed by the respective boards of directors of the Transferor company and the Transferee company, this Scheme shall stand revoked, cancelled and be of no effect and become null and void, and in that event, no rights and liabilities shall accrue to or be incurred inter se between the parties or their shareholders or creditors or employees or any other person. In such case, each of the Transferor Company and the Transferee Company shall bear its own costs and expenses or as may be otherwise mutually agreed."
Pursuant to the aforesaid clause, the board of directors of the company and Kalimati have at their respective board meetings held on 10 March 2014, passed the resolutions extending the long-stop date of the Scheme by one year, i.e. from 31 March 2014 to 31 March 2015, Tata Steel said.
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Engineers India has scheduled a meeting of the Board of Directors of the company on 15 March 2014, to consider the declaration of interim dividend on the equity shares of the company for the financial year ending 31 March 2014. The company has fixed 21 March 2014 as the Record Date, if the Board declares the interim dividend.
State Bank of India (SBI) turns ex-dividend today, 11 March 2014 for interim dividend of Rs 15 per share for the year ending 31 March 2014.
CRISIL turns ex-dividend today, 11 March 2014 for final dividend of Rs 4 per share and special final dividend of Rs 6 per share for the year ended 31 December 2013.
Petron Engineering Construction said after market hours on Monday, 10 March 2014 that it has received letter of award for civil contract at Nagpur Cement Works at Nagpur in Maharashtra from UltraTech Cement (Unit: Nagpur Cement Works) for a total contract value of Rs 54.70 crore plus service tax.
Shipping Corporation of India (SCI) said after market hours on Monday, 10 March 2014 that SCI has sold its ship - 70T. Bollard Pull, Anchor Handling, Towing & Supply Vessel (AHTSV) OSV "SCI-02" and delivered to its buyer on 7 March 2014.
Dwarikesh Sugar Industries said after market hours on Monday, 10 March 2014 that the company's rating for fund based limits of Rs 325 crore and long term loans of Rs 274.99 crore has been upgraded by ICRA from [ICRA]B- (pronounced ICRA B minus) to [ICRA]B (pronounced ICRA B). Further, ICRA has withdrawn 'rating watch with negative implications'.
Autoline Industries after market hours on Monday, 10 March 2014 said that a meeting of the Board of Directors of the company will be held tomorrow, 11 March 2014, to explore various avenues of raising funds to meet the funding requirements of the company by way of full disinvestment of stock/ shares in Autoline Industries Inc., USA.
Simbhaoli Sugars said after market hours on Monday, 10 March 2014 that the company has in-principle, approved the, proposed amalgamation of Simbhaoli Sugars with Simbhaoli Spirits pursuant to Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 in the meeting of the Board of Directors held on 13 February 2014. A further resolution is being passed by way of circulation for approval of the contents of Scheme of Amalgamation containing the valuation of shares, based on the swap ratio carried out by the independent valuers, Simbhaoli Sugars said.
Jaihind Projects after market hours on Monday, 10 March 2014 said that the Board of Directors of the company at its meeting held on 10 March 2014, has decided to issue up to 28.69 lakh equity shares on preferential basis to the promoters in one or more tranches at a price of Rs 15 per share as per requirement of the CDR Scheme.
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