Next Fifteen Communications Plc
Next Fifteen Communications Group plc
6 April 2006
Next Fifteen Communications Group plc increases stake in top UK consumer PR
agency Lexis
Next Fifteen Communications Group plc ("Next Fifteen" or the "Company") today
announced that it has increased its stake in Lexis Public Relations Limited
("Lexis"), one of the UK's most respected and successful consumer PR businesses,
by increasing the Company's stake in Panther Communications Group Limited
("Panther"), the parent company of Lexis.
The addition of Lexis to Next Fifteen is a further sign of the Group's ambitions
to develop its non-technology customer base while also increasing its ability to
offer sophisticated consumer PR services to its technology client base. Lexis'
current clients include Unilever, Norwich Union, Tesco, Kerry Foods and Diageo.
In its last fiscal year which ended 31 December 2005, the business generated
revenues of £5.7million.
Further to the Company's announcement of 5 August 2005 concerning the
acquisition of a 25% minority stake in Panther, 751,028 new ordinary shares of
2.5 pence each in the Company ("Ordinary Shares") have been allotted. This
allotment is part of the consideration payable to Panther shareholders to
increase the Company's stake to 51%.
It is the intention of Next Fifteen to acquire the entire issued share capital
of Panther by 2010, and the sale and purchase agreement entered into in August
2005 provided for a number of purchases over time in order to achieve this. This
second stage of the purchase gives Next Fifteen a majority holding in Panther,
and as a consequence Panther's results will now be fully consolidated in those
of Next Fifteen. The consideration paid to increase Next Fifteen's stake was
£1,786,349, of which £1,264,762 was paid in cash and the balance satisfied by
the issue of the Ordinary Shares at a price of 69.45 pence each.
Application has been made to the London Stock Exchange for the new Ordinary
Shares to be admitted to AIM and it is expected that admission will take place
on 12 April 2006.
Enquiries:
Next Fifteen Communications Group
Tim Dyson, Chief Executive 001 415 350 2801
David Dewhurst, Finance Director 07974 161 183
Merlin 020 7653 6620
Vanessa Maydon 07802 961 902
Rebecca Penney 07795 108 178