Business
Acquisition
Acquisition.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n \nRNS Number : 1230I Boomerang Plus PLC 09 June 2011 \n \n\nBoomerang Plus plc\n('Boomerang Plus' or 'the Company')\n \nAcquisition of factual films business\n \nBoomerang Plus plc (AIM: BOOM), a profitable media group, announces that it has acquired the trade and certain assets and liabilities of Oxford Scientific Films Limited ('OSF') (the 'OSF Business') for a cash consideration of £516,250, satisfied from internal resources (the 'Acquisition').\n \nOSF is a London based BAFTA and Emmy-award-winning producer of contemporary factual, natural history, science and history programmes for broadcasters in the UK, Australia and North America. OSF was one of the first independent production companies in the UK and was founded in 1968 by a group of Oxford scientists with a shared passion for technical innovation and natural history.\n \nThe Acquisition continues Boomerang Plus' diversification strategy both in terms of its geographic presence and its customer base, particularly given the OSF Business's strong links with TV Networks in North America. \n \nThe Acquisition also provides access to an extensive back catalogue of programming and experience in exploiting programmes worldwide and strengthens the Company's position in the Factual genre following the acquisition of Indus Films in October 2009.\n \nThe OSF Business was acquired by a company (to be renamed Oxford Scientific Films Limited) of which Boomerang Plus owns 70% and the management of the OSF Business own 30%.\n \nFor the 18 month period ended 30 June 2010, OSF reported turnover of £3.1m and a loss before tax of £0.2m. It is estimated that in the 12 month period ended 30 June 2010 the OSF Business generated revenues of £2.2m and profit before tax of £0.1m.The value of the net assets being acquired total approximately £0.2m. The Board of Boomerang Plus expects that the Acquisition will be earnings enhancing in the year ending 31 May 2012.\n \nHuw Eurig Davies, Chief Executive Officer of Boomerang Plus, said: \n\"Bringing on board the talent from the Oxford Scientific Films team is a great boost for Boomerang Plus. Not only does it allow us to continue to deliver our diversification strategy, in terms of both geography and customer base, but it strengthens our ability to exploit programmes to a worldwide audience a...