Lazard Group subisidary CWC today became a substantial shareholder in digital marketing company d2 Marketing (ASX:DTO) as part of a legal settlement between the entities.
d2 today transferred 50 million shares at an issue price of $0.006 per share, as well as $300,000 in cash, to CWC’s various investment entities to settle a $3.2 million warranty and breach of contract claim.
As a result, CWC now owns 74.2 million shares, or a 13.2% voting power.
d2 had said that the payout does not constitute any admission of liability, and was merely made to avoid the costs of litigation.
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