Merger of Moomin Valley and Snorkdale

The merger of Moomin Valley and Snorkdale was announced today. In a stock for stock transaction, Moomin Valley, as the larger of the two enterprises, acquired all outstanding shares in Snorkdale in return for shares in Moomin Valley. Following the merger, the combined organization will move its headquarters to Australia to pursue new opportunities in supplying scientific and research services to the Australian government.

The merger is effective from the close of business on August, 31, 2007. Pre-merger the shareholder equity of Snorkdale was $17,672 and that of Moomin Valley $418,857. The tangible assets of Snorkdale consist of $19,140 in cash and deposits and $1468 in credit card debt. Moom, CEO of Moomin Valley, who will be CFO of the joint venture, was quoted as saying:

"The net financial assets of Snorkdale are obviously much lower than those of Moomin Valley, but we are pursuing this merger to combine the unique and significant human capital of Snorkdale with that of Moomin Valley. The intangible assets of the new organization will certainly be very extraordinary, dare I say peculiar :)"

Commenting on the financial status of Snorkdale, Moom further commented: "Snorkdale is a much younger organization, and as such has developed an amazing financial track record to date. At the equivalent stage of development (in 1994), Moomin Valley had net assets of around -$11k. I believe this bodes well for our combined financial future."

The combined enterprise, which is yet to be named (suggestions?) will be reporting its first accounts for the month of September and despite the move to Australia will still report in US Dollars in order to better inform the worldwide community of PF Bloggers. Moomin Valley's net worth for August, which will be reported soon, will reflect the merger though the August accounts in terms of expenditure and income will be pre-merger.

Dr Yoyo, CEO of Snorkdale, was unavailable for comment at our press deadline.