M&C Saatchi PLC
03 July 2007
M&C Saatchi PLC
3 July 2007
M&C SAATCHI PLC
('M&C Saatchi' or the 'Company')
M&C Saatchi have acquired an additional 19.5%of Walker Media Holdings Limited
M&C Saatchi is pleased to announce that it has acquired an additional 19.5% of
the issued ordinary shares of Walker Media Holdings Limited ('Walker Media'),
this includes the 14% held by Christine Walker as announced on 4 May 2007, and
half of Phil Georgiadis' interest (representing 4.75%). Upon completion of the
acquisition M&C Saatchi plc (together with its subsidiary M&C Saatchi Worldwide
Limited) will hold approximately 94.5% of the share capital of Walker Media.
Walker Media is a media planning and buying company that Christine Walker
founded with Phil Georgiadis and M&C Saatchi in 1997. Walker Media is the
eighth largest media agency in the UK, with annual billings in excess of £300
million.
M&C Saatchi has made a cash payment of £8,783,252 and issued 1,888,236 ordinary
of 1p each in the capital of M&C Saatchi plc ('Ordinary Shares'), by way of
initial consideration The consideration will be capable of being adjusted
following the determination of the consolidated profit for the Walker Media
group for the financial year ending 31 December 2007.
The 1,888,236 new shares are expected to be admitted to trading on AIM on 6 July
2007, following which the Company's issued share capital will consists of
56,203,533 ordinary shares of 1p each ('Ordinary Shares'). Of this total,
700,000 Ordinary Shares are held in treasury.
As a consequence of this share issue Christine Walker share holding will be
1,844,207 ordinary shares of 1p each in the Company, representing 3.3% per cent
of the issued share capital of the Company
M&C Saatchi's directors, having consulted with Numis Securities Limited,
consider the terms of the transaction to be fair and reasonable insofar as M&C
Saatchi's shareholders are concerned.
For further information:
M&C Saatchi plc
020 7543 4500
David Kershaw, Chief Executive
Numis Securities Ltd
020 7260 1000
Charles Farquhar
Tulchan Communications
020 7353 4200
Celia Gordon Shute
Notes
Walker Media started trading in January 1998 as a 50:50 joint venture with M&C
Saatchi. In July 2004 M&C Saatchi acquired a further 25% of Walker Media's
shares when the Company was launched on the London AIM market.
This information is provided by RNS
The company news service from the London Stock Exchange
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