Sky Vision Corporation (“Sky Vision”), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation (“Cignal Cable”) disclosed to the PSE and SEC their mutual decision to terminate the Sale and Purchase Agreement dated August 10, 2022.
The Exchangeable Debt Instrument to be issued by Sky Vision and the Convertible Note issued by Sky Cable are subject to the terms and conditions set forth in the Debt Instruments Agreement dated August 10, 2022 and the Sale and Purchase Agreement dated August 10, 2022, respectively, covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation.
In addition, ABS-CBN and TV5 mutually agreed to terminate the Investment Agreement dated August 10, 2022, which related to ABS-proposed CBN’s acquisition of 34.99% equity interest in TV5, and the Convertible Note Agreement dated August 10, 2022, which related to ABS-proposed CBN’s subscription to a Convertible Note to be issued by TV5.
A Memorandum of Agreement was also used to formalize the separations.
