Business
ACQUISITION OF INFLUENCE SPORTS & MEDIA
ACQUISITION OF INFLUENCE SPORTS & MEDIA.
About this update from Mission Group Public Limited Company
[{"type":"text","content":"\n \n \n 8th December 2022\n \n \n \n The MISSION Group plc\n \n \n \n \n (\"MISSION\" \"The Company\" or \"The Group\")\n \n \n \n \n ACQUISITION OF INFLUENCE SPORTS & MEDIA\n \n \n \n \n MISSION\n \n Group plc (AIM: TMG), creator of Work That CountsTM, comprising a group of digital marketing and communications Agencies delivering real, sustainable growth for its Clients, is pleased to announce the acquisition of Influence Sports & Media (\"Influence\"), by its Agency Mongoose, for an initial consideration of £1.5 million.\n \n \n Headquartered in Lo\n ndon and with a strong presence in the US,\n Influence Sports & Media works with sponsors and brands, rights holders, investors and industry Clients to deliver marketing communications strategies, commercial programs, and actionable market intelligence. The team has extensive and long-standing relationships with leading players in global sport, including Rolex, Mercedes F1, Aramco, Alpine F1, the 37th America's Cup and World Sailing.\n \n \n In the financial year ended 31 October 2021, Influence reported a gross profit of £1.0 million, pre-tax profits of £0.3 million and, as at 31 October 2021, had net assets of £1,000.\n \n \n The Acquisition marks the latest step in Mongoose's plans to strengthen and scale its social media and marketing capabilities across the sports and entertainment markets. The Board expects the acquisition to be earnings enhancing with immediate effect.\n \n \n Terms of the Acquisition\n \n \n \n \n \n Influence has been acquired for an initial consideration of £1.5 million for the business (\"Initial Consideration\"). The Initial Consideration is to be satisfied by a cash payment funded through the Group's existing cash resources.\n \n \n \n \n \n Contingent Consideration\n \n \n \n \n \n Under the terms of the Acquisition Agreement, deferred consideration is payable, contingent on Influence's financial performance in 2023, 2024 and 2025 (\"Contingent Consideration\"). The Contingent Consideration is to be satisfied by the issue of new ordinary shares (up to a maximum of 40% at MISSION's discretion) with the balance payable in cash. The cash element is expected to be mostly funded from future cash-flows\n generated by the enlarged Mongoose Group.\n \n \n \n To achieve the maximum total consideration (Initial Consideration plus ...