1st Feb 2006 07:30
P&MM Group PLC01 February 2006 P&MM Group plc ("P&MM") Acquisition and Proposed Change of Name Acquisition of Summersault Communications Limited P&MM today announces that it completed the acquisition of SummersaultCommunications Limited ("Summersault") on 31 January 2006. Summersault is acreative services business based in Leamington Spa that specialises in internalcorporate communications for large blue chip organisations. P&MM has paid an initial cash consideration of £1,500,000 for the entire issuedshare capital of Summersault. Additional deferred cash consideration of up to£750,000 is payable subject to Summersault achieving specified levels of earningbefore interest and tax in the years ending 31 December 2006, 2007 and 2008. Summersault had net assets of approximately £428,000 and a profit before tax ofapproximately £418,000 for the year ended 30 November 2004. Proposed Change of Name P&MM also today announces that it proposes to change its name from P&MM Groupplc to Motivcom plc. Shareholder consent will be sought in the course of thenext 6 to 8 weeks. Colin Lloyd, Chairman of P&MM, said: "I am highly delighted to welcome theSummersault team. This acquisition extends our involvement in the arena ofemployee motivation and is complementary to our existing Human ResourcesBenefits products and P&MM's Performance Improvement division. Summersault willbe maintained as a separate brand based in Leamington Spa but we expect thebusinesses to work closely together. Our proposed change of name reflects the fact that we are a fast growing groupthat now encompasses three well-known brands in our industry, as well as ourhighly regarded and successful P&MM business. ENDS For further information, please contact: P&MM Group plcSue Hocken, Finance Director Tel: 01908-352007 Binns & Co PRPeter Binns Tel: 020-7786-9600 Editor's Notes: P&MM has three operational divisions: - motivation and incentive programmes -incentive travel, conference and event management - sales promotion and HRbenefits products. Clients in motivation and incentive programs include BritishGas, Volvo and Hewlett Packard; in incentive travel, Norwich Union, ScottishWidows and Toshiba; in conference and event management, Land Rover, DaimlerChrysler and Toyota; in sales promotion, UCI; and in employee benefits, SouthernWater, Rugeley Power, Propencity, Nottingham City Council. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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