4th Jan 2007 11:28
4 January 2007 Daily Mail and General Trust plc (`DMGT') Acquisition of further 9% stake in George Little Management, LLC
dmg world media, the exhibitions division of DMGT, announces the acquisition of a further 9% stake in George Little Management, LLC ('GLM'), the United States' largest privately-held tradeshow management company, bringing its total shareholding in the company to 49%.
The original `put and call options' will remain in place for the balance of the shares, which means that dmg world media will acquire a further 2% of the shares between 2007 and 2010 and the remainder between 2010 and 2014. In addition the vendors can put a maximum of 20% of the shares in GLM to DMGT in any one year.
The total cost for the acquisition of the further 9% stake is US$21 million (‚£ 10.8 million). We expect the acquisition to be earnings enhancing before any amortisation of intangible assets during the current year.
Enquiries to:
Mark Alcock, Deputy Chief Executive Officer, dmg world media 001 415 464 8500
Peter Williams, Finance Director, DMGT 020-7938-6631
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594
DAILY MAIL & GENERAL TRUST PLCRelated Shares:
DMGT.L