18th Sep 2007 09:54
Avesco Group PLC18 September 2007 For immediate release18th September 2007 Avesco Group plc ("Avesco" or the "Company") Acquires Balance of CT Germany Avesco Group plc, the provider of services to the corporate presentation,entertainment and broadcast markets, announces that it has today acquired theremaining 25.1 per cent interest, which Avesco did not already own, in CTCreative Technology GmbH & Co KG, a German limited liability partnership, whichtrades as "CT Germany". The transaction is effective as of 31 August 2007 and isa related party transaction under Rule 13 of the AIM Rules for Companies. The minority interest has been purchased from Georg Rossler, Managing Directorof CT Germany, for a consideration of €0.6m (£0.4m), which will be paid in cashwithin 10 business days. Mr Rossler has signed an amended employment agreement,under which he will continue to be employed by CT Germany as managing directorfor a minimum term of three years but, subject thereto, his employment iscapable of termination on 12 months' notice. CT Germany, which was established by Avesco and Mr Rossler in early 2003, hasalready grown to become one of the leading audio visual service providers inGermany, serving both the domestic and international markets and providing arange of specialist video, audio, IT and large screen display services to thecorporate presentation, entertainment and sports' markets. The business employsaround 40 permanent staff at its offices in Stuttgart and Dusseldorf. In theyear ended 31 March 2007, CT Germany achieved an unaudited operating profit of€0.5m (£0.3m) on a turnover of €10.4m (£7.0m). As at 31 July 2007, CT Germanyhad unaudited gross assets of €2.9m (£2.0m). The Directors consider, having consulted the Company's nominated adviser, thatthe terms of the transaction are fair and reasonable insofar as its shareholdersare concerned. The transaction is unlikely to have a material impact on Avesco'sresults in the current year. Avesco is a media services business employing some 580 people and operatingmainly in the UK, mainland Europe and North America. Its three principaldivisions comprise Creative Technology, Full Service and Broadcast Services. Inaddition to CT Germany, the Creative Technology division has operations inLondon, Chicago, Las Vegas, Los Angeles, San Francisco and Dubai and will soonbe opening in China. Its services are used for a broad range of events such asconventions, product launches, exhibitions, sporting and entertainment events. Ian Martin, Chief Executive of Avesco said, "This is an exciting development forAvesco and our Creative Technology business. We see plenty of opportunity forgrowth in the German market and full ownership and control of CT Germanyprovides us with a solid platform for further expansion in that territory." For further information please contact: Ian Martin, Chief ExecutiveJohn Christmas, Group Finance Director,Avesco Group plc Tel: 01293 583400 Terry Garrett or John MoriartyWeber Shandwick Financial Tel: 020 7067 0700 Clive CarverCharles CunninghamEdward FrisbyJM Finn Capital Markets Limited Tel: 0207 600 1658 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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