18th Dec 2015 10:25
LONDON (Alliance News) - Progressive Digital Media Group PLC on Friday said it is in advanced talks over a potential acquisition of healthcare business information provider GlobalData Holding Ltd, as well as talks to potentially sell a number of its non-core print assets.
GlobalData Holding is a private company owned by Progressive Digital Media Executive Chairman Michael Danson and Wayne Lloyd. Progressive Digital Media said it is in talks to simultaneously sell the print assets to a private company also owned by Danson and Lloyd.
Progressive Digital Media expects to make the acquisition through the issue of around 26 million shares, representing a 34.2% stake in the company. As part the print assets sale, Progressive would assume a GBP4.5 million inter-company loan.
The company also proposed that, on the completion of the acquisition and sale of the assets, it would rename itself as GlobalData PLC, to better reflect its transformation into a business intelligence company.
It also would shuffle its board, appointing Non-Executive Bernard Cragg as chairman, with Danson moving to a chief executive position. Simon Pyper, current chief executive, would move to a chief financial officer position.
Lloyd, who is currently chief executive of GlobalData Ltd, would join the company's senior management team and become managing director of its US operations.
Shares in Progressive Digital Media were up 3.9% at 265.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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