Business
Placing and Acquisition
Placing and Acquisition.
About this update from Zoo Digital Group Plc
[{"type":"text","content":"\n Zoo Digital Group PLC\n30 July 2007\n\n CONFIDENTIAL\n\n\nNot for release, publication or distribution in or into the United States,\nAustralia, Canada, the Republic of Ireland, the Republic of South Africa or\nJapan. This release is not an offer for sale of securities in the United States.\nSecurities may not be offered or sold in the United States absent registration\nor an exemption from registration under the U.S. Securities Act of 1933, as\namended. The issuer of the shares has not registered, and does not intend to\nregister, any portion of the offering in the United States and does not intend\nto conduct a public offering of its securities in the United States.\n\n\n ZOO DIGITAL GROUP PLC\n ('ZOO' or the 'Company')\n\n PLACING AND ACQUISITION OF CERTAIN ASSETS OF SCOPE SEVEN\n\nZOO Digital Group plc (AIM:ZOO), the digital media technology company, today\nannounces the proposed acquisition of certain assets of Scope Seven, the\nassociated equity fundraising by way of Placing and its preliminary results for\nthe 12 month period to 31 March 2007.\n\nFinancial Highlights of Acquisition\n\n• Conditionally agreed to acquire certain assets and contracts of\nScope Seven for a total consideration of up to £2.45 million, of which up to\n£1.4 million is payable at completion of the Acquisition, £0.3 million is\npayable in quarterly instalments over 3 years and the remainder may become\npayable as Deferred Consideration\n\n• The Deferred Consideration may become payable, depending on the\nprofitability achieved by the Scope Seven Division over a three year period,\nand, capped at a maximum of £0.75 million, is to be satisfied in cash and/or\nOrdinary Shares entirely at ZOO's discretion\n\nOperational Highlights of Acquisition\n\n• Scope Seven is one of the key independent compression and\nauthoring service providers in the Hollywood digital media production market.\nIt has developed an internet-accessible collaboration system, currently in use\nby Warner Brothers, that is compatible with ZOO's products and which will be\nincluded in the ZOO portfolio and offered to other customers to secure\nincremental revenues\n\n• The Acquisition will allow ZOO to resume sales discussions with\nstudios and publishers where ZOO's lack of service capability had previously\ndelayed progress\n\n• The Board believes that following the ...