Monstermob search for locksmith in Philippines

Link: Monstermob Locked out of its Philippines Offices

It hasn’t been a good time lately for UK mobile content provider Monstermob. Their share price recently collapsed after plans were announced to de-list from the stockmarket, they’ve recently been denied access to financial information from their Chinese subsidary, and now.. well this.

In a court hearing last week, Monstermob staff were barred from entering the offices of Information Gateway (who they acquired as part of Upper Mobile in 2005) and they’ve been blocked from making any changes to the staff or directors of the company.

Under the purchase agreement, the accountants of both Monstermob and Information Gateway were to produce a joint report stating the profit before tax for the earn-out period by no later than 30 June 2007. Monstermob has for this purpose appointed a ‘Big Four’ accountancy firm and DIAL has appointed a local firm of accountants. These two firms have produced an independent report each, which draw significantly different conclusions.

Monstermob has now received notification from DIAL claiming that it is in breach of its agreement to buy the company. On 2 July 2007 the Company received a notice of breach from DIAL, alleging that the Company was in breach of the terms of the SPA, an allegation the Company refutes, and demanding recision of the SPA.

As a few people have pointed out in the industry, perhaps they should have sold out instead of floating – and taken a slightly more cautious approach to their dealings in Asia.