renren Media acquires a 40% stake in Internet Marketing

renren Media Limited (0059) acquires in aggregate a 40% stake in Internet Marketing from Pioneer Hero and Fatt Choy at a consideration of $15.18 million. The company will issue 172.5 million new shares at $0.22 per share and $7.59 million convertible notes to pay for the consideration. If the consideration shares together with the convertible notes are entirely converted into shares, they will represent 6.42% of the enlarged share capital of the company. The company will be changed to the name of "renren Holdings Limited".

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