16th Feb 2006 07:00
Huntsworth PLC16 February 2006 HUNTSWORTH PLC 16 February 2005 Huntsworth adds French PR consultancy Eurotandem to European network Huntsworth PLC ("Huntsworth"), the international public relations group, hasacquired Eurotandem SAS, a leading independent public relations consultancybased in Paris. This is a further step in the strategic development of the groupin Europe, emphasising Huntsworth's commitment to offering its clients anintegrated range of communications services. After acquisition, Eurotandem'soperations will be merged with those of Trimedia France. Eurotandem was founded in 1990 and employs a team of 25 offering corporate,technology and consumer public relations. Current clients include BT, AskJeeves, Opodo, Computacenter and Tourism Australia together with other blue chipnames. For the year ended 31 December 2004, Eurotandem had gross revenues of €2.7million (£1.9 million) and profit before taxation of €1.0 million (£0.7million). Gross assets as at 31 December 2004 were €1.8 million (£1.2 million). Huntsworth will acquire the entire share capital of the company for an initialconsideration comprising cash of €4,064,675 (£2.8m) and the issue of 1,469,455new ordinary shares of 50p each in HuntsworthHHH. Further consideration isdependent on the future financial performance of Eurotandem and will be payablein cash or shares, at Huntsworth's sole discretion. The maximum totalconsideration payable is €8.65 million (£6.0 million). Michael Murphy, Chief Executive Officer of Trimedia International, said: "Trimedia France has been performing very well but we did not have sufficientscale in the important French market place compared with our operations in otherEuropean countries. The combination of Trimedia France and Eurotandem will takeus immediately to the number five position in the French market place". Huntsworth also operates in France separately under the Citigate Dewe Rogersonbrand. Under the terms of the UKLA listing rules, the Eurotandem acquisition is a Class2 transaction not requiring shareholder approval. Application to the UK ListingAuthority and to the London Stock Exchange is being made today for the admissionof these shares to trading on the Official List of the London Stock Exchange.Dealings are expected to commence on 22 February 2006. For further information contact: Peter Chadlington, Chief Executive Officer, Huntsworth PLC Roger Selman, Finance Director, Huntsworth PLC Tel: +44 (0)20 7408 2232 Michael Murphy, Chief Executive Officer, Trimedia International Tel: +44 (0) 20 7371 3333 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HNT.L