4th May 2007 18:00
M&C Saatchi PLC04 May 2007 M&C Saatchi PLC4 May 2007 M&C SAATCHI PLC ("M&C Saatchi" or the "Company") M&C Saatchi to acquire Christine Walker's stake in Walker Media Holdings Limited M&C Saatchi plc is pleased to announce that it has agreed to acquire all of theissued ordinary shares held by Christine Walker in Walker Media Holdings Limited("Walker Media"). Walker Media is a media planning and buying company that Christine Walkerfounded with Phil Georgiadis and M&C Saatchi in 1997. Walker Media is the eighthlargest media agency in the UK, with annual billings in excess of £300 million. As at today's date, M&C Saatchi owns 75% of the shares in Walker Media.Christine Walker is currently the chairman of Walker Media, but has resignedfrom such position and as a director of Walker Media group companies with effectfrom 30 June 2007. As a result of her current position, the acquisition of theshares held by Christine Walker in Walker Media ("Christine Walker's Shares")now being announced is a related party transaction under the AIM Rules. Christine Walker's Shares represent approximately 14% of the issued sharecapital of Walker Media. As consideration for the acquisition of ChristineWalker's Shares, Christine Walker will receive an amount per share based on avaluation of the Walker Media group equal to 15.7 times the consolidated profitfor the Walker Media group (after tax, interest, depreciation and amortisation)for the financial year ending 31 December 2007. This will be satisfied by theissue of shares in M&C Saatchi to the value of £2,154,040, with the remainder tobe satisfied by cash. This transaction is scheduled to complete on 2 July 2007. M&C Saatchi haveagreed to make a cash payment by way of initial consideration on such date equalto £6,289,797. This will be subject to an adjustment payment in cash by eitherM&C Saatchi or Christine Walker (as applicable) following the determination ofthe consolidated profit for the Walker Media group for the financial year ending31 December 2007. M&C Saatchi's directors, having consulted with Numis Securities Limited,consider the terms of the transaction to be fair and reasonable insofar as M&CSaatchi's shareholders are concerned. For further information: M&C Saatchi plc 020 7543 4500David Kershaw, Chief Executive Tulchan Communications 020 7353 4200Celia Gordon Shute Notes Walker Media started trading in January 1998 as a 50:50 joint venture with M&CSaatchi. In July 2004 M&C Saatchi acquired a further 25% of Walker Media'sshares when the Company was launched on the London AIM market. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
M&C Saatchi