Business
Acquisition of Indus Films Li
Acquisition of Indus Films Li.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n RNS Number : 0486B Boomerang Plus PLC 20 October 2009 \n \nDate: 20 October 2009\nOn behalf of: Boomerang Plus plc ('Boomerang' or 'the Group') \nEmbargoed until: 0700hrs \n\n\nBoomerang Plus plc \nAcquisition of Indus Films Limited\n\nFurther to its announcement on 15 October 2009, Boomerang Plus plc (AIM: BOOM.L), the multi-genre independent television production group, is pleased to announce that it has completed the acquisition of Indus Films Limited ('Indus'), a Welsh-based, network-focused, award winning production company ('the Acquisition').\n\nThe Acquisition will significantly diversify the Group's customer base and broaden its genre portfolio to include adventure, environmental, living history, natural history and arts. Steve Robinson and Paul Islwyn Thomas, founders of Indus, will remain with the business and offer extensive creativity and experience to Boomerang's talented team of programme makers.\n\nThe initial consideration for the Acquisition is £1.1m in cash. Of this initial consideration, £0.88m was paid on completion and £0.22m will become payable on the first anniversary of the Acquisition. Further consideration of up to £1.295m in cash and new Boomerang shares may become payable dependent upon the achievement by Indus of profit before taxation \ntargets over the three-year period post the Acquisition. \n\nFor the year ended 30 June 2008, Indus achieved unaudited earnings before interest, tax, depreciation and amortisation of £0.263m and unaudited profit before taxation of £0.209m on turnover of £5.32m. Indus had unaudited net assets at 30 June 2008 of £0.122m. The Acquisition is expected to be earnings enhancing for Boomerang in the financial year ending 31 May 2...