29th Jun 2006 08:19
VTR PLC29 June 2006 VTR plc Possible Acquisition and Directorate Change The Board of VTR plc ("VTR" or "the Company") announces that it is in advancednegotiations with regard to the possible acquisition of Clear (Post Production)Limited ("Clear"), a privately owned Soho-based post production company with astrong presence in the advertising market. If this transaction proceeds, theBoard believes that the integration of Clear will strengthen the business of theVTR, particularly in the field of digital visual effects. The possibleacquisition would be treated as a Substantial Transaction for the purposes ofthe AIM Rules and the consideration for Clear is currently expected to be acombination of VTR ordinary shares and cash. The Board also announces that Peter Samengo-Turner, Finance Director, will beleaving the Company at the end of June in order to pursue another opportunitywithin the financial services sector. Paul Tracey, Managing Director, said, "Ihave worked for more than 10 years with Peter, who has skilfully handled thefinancial function within VTR through many changes and who played a pivotal rolein securing the recent strategic investment by our new parent company, PrimeFocus. I will miss his sound financial advice and send him every good wish inhis new undertaking." Anshul Doshi, who joined the Board earlier this month, following the transactionwith Prime Focus Limited ("Prime Focus"), will be appointed Finance Directorwith effect from 3 July 2006. Following the investment by Prime Focus in late April, a number of initiativeshave started to be put in place to return VTR to profit and progress of thesewill be announced in due course. Trading conditions remain tough, as previouslyindicated, and it will take time before the benefits of the various initiativesstart to become apparent. A further announcement will made in respect of Clear in due course. 29 June 2006 Enquires: Paul Tracey Managing Director VTR plc 020 7437 0026 Philip Davies Charles Stanley Securities 020 7953 6457 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PFO.L