Delling Group PLC
13 February 2007
For release 7.00am 13 February 2007
DELLING GROUP PLC (DLG.L)
The AIM-listed marketing support services group
Acquisition completed
Delling Group PLC ('Delling' or the 'Company'), the only listed marketing
support services group on AIM whose principal assets are in Scandinavia,
announces that it has issued a total of 14,843,633 new Ordinary Shares of 1p to
complete the acquisition of Sandbergs Exhibition Group AB ('SEG'), originally
announced on 16 October 2006. Application has been made for admission of the new
Ordinary Shares to trading on the AIM market of the London Stock Exchange. The
new Ordinary Shares will rank pari passu with the existing ordinary shares of
the Company. Dealings in the new Ordinary Shares are expected to commence on 17
February 2007.
Of the shares issued, 3,343,633 have been issued to the vendors of SEG as part
consideration. The remaining 11,500,000 have been issued to a combination of
existing and new institutional and retail investors in Norway for cash at 10
pence per share, raising £1.15m gross of expenses, of which £0.8m will also be
paid to the vendors of SEG. This amount is £10,000 less than previously
announced due to a beneficial movement in the exchange rate.
The Directors believe that the placing to Norwegian investors shows a growing
demand for Delling's shares in one of its operating countries. The placing is a
potential precursor for a dual listing on the Norwegian stock exchange. Although
such a listing would not occur until early 2008, it is something the Board will
consider over the coming months.
Amongst the institutions investing is that of the pension fund of Tine, the
Scandinavian dairy products group, which is now interested in a total of
13,250,000 ordinary shares in the Company, which represent approximately 8.0 per
cent. of the issued share capital of the Company. These shares are held in the
name of MP Pensjon.
Commenting, Aksel Bratvedt, Chairman of Delling Group, said:
'I am delighted to complete another successful acquisition bringing to the Group
further earnings and synergies. The placing into the Norwegian investor market
marks Delling's growth as a business and offers the exciting potential of giving
Delling access to an additional pool of investors.
Since 2004, Delling has acquired seven businesses and has increased its turnover
tenfold through acquisitions and organic growth. The Company is pleased to
report that the rate at which exciting target opportunities continue to present
themselves has increased and accordingly, we continue to invest heavily, in both
time and money, to investigate such opportunities thoroughly and to ensure their
smooth integration, so as to guarantee the optimum return. Indeed, it is
pleasing to note that increasingly, opportunities are brought to Delling,
reflecting the Company's increased profile.'
ENDS
For further information please contact:
Contact:
Delling Group Plc
Aksel Bratvedt, Executive Chairman Tel 020 7484 6160
James Robinson, Finance Director Tel 020 7484 6160
Adventis Financial PR
Tarquin Edwards Tel: 020 7034 4758
Peter Binns Tel: 020 7034 4760
This information is provided by RNS
The company news service from the London Stock Exchange
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