Business
Further re acquisition of Lexis
Further re acquisition of Lexis.
About this update from Next 15 Group Plc
[{"type":"text","content":"\n Next Fifteen Communications Plc\n \n\nNext Fifteen Communications Group plc\n\n6 April 2006\n\nNext Fifteen Communications Group plc increases stake in top UK consumer PR\nagency Lexis\n\nNext Fifteen Communications Group plc (\"Next Fifteen\" or the \"Company\") today\nannounced that it has increased its stake in Lexis Public Relations Limited\n(\"Lexis\"), one of the UK's most respected and successful consumer PR businesses,\nby increasing the Company's stake in Panther Communications Group Limited\n(\"Panther\"), the parent company of Lexis.\n\nThe addition of Lexis to Next Fifteen is a further sign of the Group's ambitions\nto develop its non-technology customer base while also increasing its ability to\noffer sophisticated consumer PR services to its technology client base. Lexis'\ncurrent clients include Unilever, Norwich Union, Tesco, Kerry Foods and Diageo.\nIn its last fiscal year which ended 31 December 2005, the business generated\nrevenues of £5.7million.\n\nFurther to the Company's announcement of 5 August 2005 concerning the\nacquisition of a 25% minority stake in Panther, 751,028 new ordinary shares of\n2.5 pence each in the Company (\"Ordinary Shares\") have been allotted. This\nallotment is part of the consideration payable to Panther shareholders to\nincrease the Company's stake to 51%.\n\nIt is the intention of Next Fifteen to acquire the entire issued share capital\nof Panther by 2010, and the sale and purchase agreement entered into in August\n2005 provided for a number of purchases over time in order to achieve this. This\nsecond stage of the purchase gives Next Fifteen a majority holding in Panther,\nand as a consequence Panther's results will now be fully consolidated in those\nof Next Fifteen. The consideration paid to increase Next Fifteen's stake was\n£1,786,349, of which £1,264,762 was paid in cash and the balance satisfied by\nthe issue of the Ordinary Shares at a price of 69.45 pence each.\n\nApplication has been made to the London Stock Exchange for the new Ordinary\nShares to be admitted to AIM and it is expected that admission will take place\non 12 April 2006.\n\nEnquiries:\n\nNext Fifteen Communications Group\n\nTim Dyson, Chief Executive 001 415 350 2801\nDavid Dewhurst, Finance Director 07974 161 183\n\nMerlin 020 7653 6620\n\nVanessa Maydon 07802 961 902\nRebecca Penney 07795 108 178\n...