16th Jun 2006 07:11
Incisive Media PLC16 June 2006 Not for release, publication or distribution, in whole or in part, in or intothe United States, Canada, Australia, Ireland or Japan. 16 June 2006 INCISIVE MEDIA PLC Acquisition of AVCJ Group Limited Incisive Media plc, a leading provider of business information, is pleased toannounce it has agreed to acquire the entire share capital of AVCJ Group Limited('AVCJ') for an initial consideration of US$6 million (£3.2 million), anddeferred earnout consideration capped at US$9 million (£4.9 million) payableover three years, subject to certain performance targets. AVCJ, a Hong Kong based company, is a provider of information to operators inthe Asian venture capital, private equity and mergers and acquisitions markets,providing detailed data, analysis and networking opportunities to itssubscribers and conference attendees. AVCJ offers a broad array of servicesincluding: conferences; magazines; directory-based products and research; anddata-analysis. AVCJ organises 8-10 conferences a year which are held in thefollowing locations: Hong Kong, Beijing, Dubai, Tokyo, Mumbai, Sydney, London,Shanghai, Silicon Valley, and Chicago. AVCJ publishes Asian Venture CapitalJournal, M&A Asia and Private Equity Asia as well as a Chinese language versionof Asian Venture Capital Journal. The initial consideration payable at completion will be satisfied as to US$3million in cash and US$3 million by the issue to the vendor of 983,078 newordinary shares in Incisive Media Plc. The cash component of the initialconsideration will be funded out of an increased debt facility with the RoyalBank of Scotland plc. The deferred consideration of up to a maximum of US$9 million will be paid,subject to certain performance targets, for the periods ending 31 December 2006,31 December 2007 and 31 December 2008. Any deferred consideration due will besettled in cash. The principal of AVCJ, Dan Schwartz, who joined AVCJ aspublisher in 1993, will remain as Chairman and CEO of AVCJ. In AVCJ's unaudited results for the year ended 31 December 2005, the companymade a profit before tax of US$1.0 million from turnover of US$3.3 million. Asat 31 December 2005, AVCJ had gross assets of US$1.9 million and net assets ofUS$1.1 million. Tim Weller, Chief Executive of Incisive Media plc, said: 'AVCJ is a wellestablished, robust business with an excellent footprint in Asia. It is a wellregarded company with a strong brand and source of intelligent content for theAsian financial community. I am delighted with this acquisition whichcomplements Incisive Media's European position in the private equity publishing,data and conference business. The acquisition brings valuable coverage in Asiawhich Incisive Media can leverage to provide a comprehensive service offering tothe M&A, private equity and venture capital community.' AVCJ's Dan Schwartz, said: 'Asian Venture Capital Journal has continued to growsince its inception almost 20 years ago. Our annual Hong Kong conferenceattracts major players from Asia's private equity community and our journals andresearch are important contributors to news, data and analysis in our industry.We remain enthusiastic about the future of Asian private equity and venturecapital, and equally excited about AVCJ's own future with Tim and his team atIncisive Media." Application has been made for the 983,078 ordinary shares of 1 pence each in thecompany to be admitted to the Official List of the UK Listing Authority and totrading on the London Stock Exchange. It is expected that dealings willcommence on 19 June 2006. The new ordinary shares will rank pari passu withIncisive's existing ordinary shares in issue. Following admission of theseshares to listing, Incisive Media plc will have 102,196,162, ordinary shares inissue and admitted to trading. END For further information please contact: Anthony Peregrine Direct: +44 (0) 20 7978 6052 Payne Communications Mobile: +44 (0) 7930 643 983 Gen: +44 (0) 870 800 5276 [email protected] Tim Weller Chief Executive +44 (0) 20 7484 9970 Incisive Media PLC [email protected] www.incisivemedia.com Keith Anderson Investec +44 (0) 20 7597 5970Rupert Krefting Notes to Editors: Incisive Media is a fast growing specialist business information provideroperating in four markets: financial services, risk management, professionalservices and marketing services. The Company delivers key information to definedtarget audiences across a variety of platforms in print, through magazines; inperson via conferences, exhibitions and training programmes; and online throughits various websites. Incisive Media's market leading brands include InvestmentWeek, Post Magazine, Risk, unquote, and Legal Week. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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