31st Jul 2018 13:15
LONDON (Alliance News) - Outdoor events structure provider Arena Events Group PLC said Tuesday it acquired Hong Kong-based events management firm Ironmonger Group Ltd for GBP1.1 million.
The deal - originally announced in April - will see it pay an initial GBP600,000 in cash. A further GBP200,000 will be paid through the issue of 333,333 shares at 60 pence per share. A final GBP300,000 deferred consideration will be paid in early 2019.
"In line with the group's strategy of providing a turn-key solution to the world's most prestigious events, the acquisition of Ironmonger enables Arena to provide an integrated solution for the Hong Kong Sevens, and bring Ironmonger's event management expertise for this event under the Arena umbrella", Arena Chief Executive Officer Greg Lawless said.
Following admission of the consideration shares - expected on Friday - Arena will have 118.2 million shares outstanding.
Shares in Arena were 1.2% lower at 60.26 pence on Tuesday.
Related Shares:
ARE.L