Next Fifteen Communications Plc
Next Fifteen Communications Group plc ('Next Fifteen' or the 'Company') today
announces that on 27 October 2008, the Company acquired the remaining 13%
of Panther Communications Limited ("Panther") that it does not already own, in
accordance with the terms of the sale and purchase agreement between the Company
and Panther's vendors made on 4 August 2005. Panther is the parent company of
the UK public relations agency Lexis Public Relations Limited ("Lexis").
The Company originally acquired a 25% stake in Panther and had subsequently
increased its holding to 87%. The final consideration of £1.77 million has been
paid to the vendors through the issue of 1,098,591 new ordinary shares of 2.5
pence each in the Company ("Ordinary Shares") and a cash payment of £1.33
million. As the Company recently announced in its preliminary results for the
year ended 31 July 2008, it had net cash of £3.4million following strong cash
generation during the year.
Tim Dyson, CEO of Next Fifteen said "Lexis has been a great addition to the Next
Fifteen Group. The business has continued to perform well, has broadened our
range of services and added some excellent executives to the Group. Lexis was
our first significant investment beyond our core technology PR businesses and it
has clearly shown how the Group has the ability and capacity to move into new
areas over time. It is our intention to extend the Lexis brand beyond the UK
market in the next year, assuming the current trading environment remains
favorable."
Application has been made to the London Stock Exchange for the new Ordinary
Shares to be admitted to AIM and it is expected that admission will take place
on 31 October 2008.
Enquiries:
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Next Fifteen Communications Group plc
Tim Dyson, Chief Executive +1 415 350 2801
Mark Sanford, Company Secretary +44 (0)20 7846 0778
Canaccord Adams Limited
Mark Williams
Adria Da Breo Richards +44 (0)20 7050 6500
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