Acquisition

RNS Number : 1230I

Boomerang Plus PLC

09 June 2011

 



Boomerang Plus plc

('Boomerang Plus' or 'the Company')

Acquisition of factual films business

Boomerang Plus plc (AIM: BOOM), a profitable media group, announces that it has acquired the trade and certain assets and liabilities of Oxford  Scientific Films Limited ('OSF') (the 'OSF Business') for a cash consideration of £516,250, satisfied from internal resources (the 'Acquisition').

OSF is a London based BAFTA and Emmy-award-winning producer of contemporary factual, natural history, science and history programmes for broadcasters in the UK, Australia and North America. OSF was one of the first independent production companies in the UK and was founded in 1968 by a group of Oxford scientists with a shared passion for technical innovation and natural history.

The Acquisition continues Boomerang Plus' diversification strategy both in terms of its geographic presence and its customer base, particularly given the OSF Business's strong links with TV Networks in North America.

The Acquisition also provides access to an extensive back catalogue of programming and experience in exploiting programmes worldwide and strengthens the Company's position in the Factual genre following the acquisition of Indus Films in October 2009.

The OSF Business was acquired by a company (to be renamed Oxford Scientific Films Limited) of which Boomerang Plus owns 70% and the management of the OSF Business own 30%.

For the 18 month period ended 30 June 2010, OSF reported turnover of £3.1m and a loss before tax of £0.2m. It is estimated that in the 12 month period ended 30 June 2010 the OSF Business generated revenues of £2.2m and profit before tax of £0.1m.The value of the net assets being acquired total approximately £0.2m. The Board of Boomerang Plus expects that the Acquisition will be earnings enhancing in the year ending 31 May 2012.

Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, said:

"Bringing on board the talent from the Oxford Scientific Films team is a great boost for Boomerang Plus. Not only does it allow us to continue to deliver our diversification strategy, in terms of both geography and customer base, but it strengthens our ability to exploit programmes to a worldwide audience and fits well with Indus Films, which we acquired in 2009. This Acquisition allows us to build on the strong performance of our Advertiser Funded Programming business and the organic growth seen in Network productions and positions the Company for long term growth ."

Clare Birks, Chief Executive Officer of Oxford Scientific Films, said:

"The acquisition backed by Boomerang Plus is very exciting for the OSF team. The financial and business backing that being part of the Boomerang Plus Group brings will support our strong and experienced creative team in growing the business over the next few years."

Contacts: 

Boomerang Plus plc	Tel : [phone]
Huw Eurig Davies, Chief Executive Officer
Mark Fenwick, Finance Director
Altium	Tel: [phone]
Tim Richardson / Melanie Szalkiewicz
Walbrook PR Ltd	Tel: [phone]
Paul McManus	[e-mail]
Paul Cornelius	[e-mail]

About Boomerang Plus plc (www.boomerang.co.uk)

Boomerang Plus plc has strategic investments in a number of media businesses including production companies Alfresco, Apollo, Boomerang, Bulb, Fflic and Indus; Facilities companies Mwnci and Zoom; multi-media publisher Boom Extreme Publishing; talent company Boom Talent; Event company Big Freeze Limited, and Education and corporate production business Media4.

Boomerang Plus' strategy is to continue to acquire and invest in and develop media companies that compliment the Group's existing businesses, whilst also achieving strong organic growth.

About Oxford Scientific Films (www.oxfordscientificfilms.tv)

Oxford Scientific Films is a BAFTA and Emmy-award-winning producer of contemporary factual, natural history, science and history known for outstanding and innovative programmes that deliver high ratings.

OSF producers have been responsible for a wide range of quality programming including the global hit series Meerkat Manor (Animal Planet), Fatal Attractions (Animal Planet), Atom (BBC), Richard E Grant's History of the Safari (BBC), Impaled! (Discovery Channel US and Five), Lockdown Oz Maximum Security (National Geographic) and Saving Africa's Witch Children (Channel 4).

Founded in 1968 by a group of Oxford scientists including Sean Morris who shared a passion for technical innovation and natural history. The company was one of the first independent production companies in the UK and it quickly established itself as a leader in its field receiving commissions from the BBC, National Geographic and other major broadcasters for its brilliantly crafted natural history films. The company went on to win numerous industry awards including Emmys, Pandas and World Medals.

Clare Birks became Chief Executive of OSF in 2004 and has worked with the creative team led by Executive Producers Caroline Hawkins, creator of the award-winning international hit series Meerkat Manor, and Alice Keens-Soper who won a Bafta in 2009 for Saving Africa's Witch Children, a Dispatches special for Channel 4, co-produced with Red Rebel Films, to build a business known for high quality factual programming.

In 2009 OSF won a Bafta for Saving Africa's Witch Children, a Dispatches special for Channel 4, co-produced with Red Rebel Films.

OSF is currently producing Meerkats 3D for National Geographic and Sky3D, season two of Fatal Attractions for Animal Planet and a broadcast pilot for BBC1. The company is in funded development for shows for Channel 4, the BBC and Animal Planet.

 

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