Antigua Enterprises Inc. will sell to Ashley NA, LLC, a company owned in common with the Sports Soccer and Lillywhites chains of sporting goods stores in the U.K., a controlling interest in the company for $10.25 million.
Under the agreement, Ashley NA will purchase 27,299,480 of the company’s common shares for $5,000,000, or $0.18315 per share, and 5,250,000 of the company’s Preferred Class A shares for $5,250,000, or $1.00 per share.
The company will use the proceeds to repay all of its outstanding debt that is past due and payable.
Under the agreement, Antigua will obtain from Donnay International S.A. a royalty-free non-exclusive license for the Donnay brand on apparel, headwear and bags in the United States, Canada and Puerto Rico in addition to the Antigua distribution rights for the United Kingdom.
“The license with Donnay gives us the opportunity to sell products into new distribution channels”, said Antiguas president Ronald McPherson.
