Business
Greensleeves Acquisition
Greensleeves Acquisition.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n Zest Group PLC\n31 March 2006\n\n31 March 2006\n\n Zest Group plc (AIM: ZEST)\n\n\n\n Acquisition of Greensleeves Records Limited\n\n Re-admission of Ordinary Shares to trading on AIM\n\n\n\nZest Group plc ('Zest' or 'the Company') announces the re-admission of its\nOrdinary Shares to trading on AIM today following the acquisition of\nGreensleeves Records Limited ('Greensleeves') an established, independent record\nlabel and music publisher which specialises in reggae music.\n\n\n\nKey Points:\n\n\n\n• A total of 173,619,050 Ordinary Shares were admitted to trading,\ngiving a market capitalisation at the Placing Price of £5,208,572.\n\n\n\n• Zest was admitted to AIM in March 2005 as a music production\ncompany, record label and music publisher.\n\n\n\n• At an extraordinary general meeting held on 30 March 2006, all\nresolutions were passed, including approval of the acquisition of Greensleeves\nRecords Limited, and the Placing of 83,333,334 Ordinary Shares at 3p per share.\n\n\n\n• Greensleeves is based in the UK, has a promotions office in New\nYork and has an established presence in a number of the specialist reggae\nmarkets throughout the world and, in particular, the UK, the USA, Japan, France,\nGermany, Benelux, Canada and Scandinavia.\n\n\n\n• The Company's Nominated Adviser and Broker is W.H. Ireland\nLimited.\n\n\n\nGreensleeves has a comprehensive reggae back catalogue from the 1980s onwards.\nIt owns approximately 400 albums and 900 singles on its label and is currently\nreleasing between 15 and 20 new albums per year and intends to continue its\nre-issue programme\n\n\n\nGreensleeves currently has 29 writers under contract and owns or administers the\ncopyright in over 18,000 reggae titles.\n\n\n\nIn 2004 one of Greensleeves' former writers, Stephen Marsden, won the coveted\nASCAP (American Society of Composers and Performers) Award for most performed\nsong of the year in the United States of America with the song 'Get Busy' as\nwell as two further most performed song awards for 'Never Leave You (Uh Oh Uh\nOh)' and 'No Letting Go' which were all written whilst under contract with\nGreensleeves.\n\n\n\nSteve Weltman, Chief Executive of Zest, commented:\n\n\n\n'The acquisition of Greensleeves will make Zest one of the largest independent\nreggae publishers and record labels in Europe and we believe that it...