Business
3i acquire 24%
3i acquire 24%.
About this update from Character Group Plc
[{"type":"text","content":"\n Character Group PLC\n18 July 2006\n\n\n\n\n\n\n\nIssued by Citigate Dewe Rogerson, Birmingham\nDate: Tuesday, 18 July 2006\n\n IMMEDIATE RELEASE\n The Character Group plc\n ('the Company' or 'the Group')\n Designers, developers and distributors of toys, games and gifts\n\n 3i acquire 24%\n\nThe Board of the Character Group announces that the Company has today received\nnotice that 3i plc ('3i') has acquired 11,525,898 ordinary shares, representing\napproximately 24.1% of the current issued share capital in the Company\n(excluding the 1,000,000 ordinary shares in the Company held in treasury).\n\nAs a result of this significant, positive change in shareholding, it is the\nDirectors intention to invite a senior executive of 3i to join the Board as a\nnon-executive director. Further details will be released as appropriate.\n\nThe shareholding was acquired by 3i from Giochi Preziosi S.p.A. Consequently,\nfollowing the disposal, Giochi Preziosi no longer has an interest in shares in\nthe Company.\n\nRichard King, Executive Chairman, the Character Group said:\n\n'The Directors welcome 3i as investors in the Group. Clearly, their decision to\nacquire a stake in our business underpins their confidence in our business model\ngoing forward.'\n\n'We also wish to thank Giochi Preziosi, and Enrico Preziosi in particular, for\ntheir support over the years and wish the team and the business well for the\nfuture and we look forward to continuing to develop our trading relationship'\n\n'As a Group, trading has continued to be strong as we build up towards the end\nof our financial year in August as well as for the autumn selling season, which\nincludes Christmas and is very important for the next financial year.'\n\n'We will remain focused on improving our operational efficiencies but, more\nimportantly, on our strategy, which is to exploit our in-house capabilities in\ndeveloping both our own and licensed properties thereby further improving our\nproduct portfolio which ultimately will, we believe, be reflected in increased\nearnings and shareholder value.'\n\nAlan Mackay, 3i Director commented:\n\n'This is a powerful combination of an ambitious management team, experienced\nBoard and a solid strategy for success. 3i looks forward to a close relationship\nas an actively engaged shareholder, helping the Company achieve its vision and\nreachin...