Acquisition

RNS Number : 7274F

Trinity Mirror PLC

13 November 2015

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

13 November 2015

Trinity Mirror plc

Completion of the Acquisition of Local World

On 28 October, Trinity Mirror plc ("Trinity Mirror" or the "Company") announced the proposed acquisition of all of the shares in Local World Holdings Limited ("Local World") not already owned by the Company ("the Transaction"). Following shareholder approval of the Transaction at the General Meeting as announced earlier today, Trinity Mirror is pleased to confirm that it has completed the acquisition.

As previously announced, the acquisition values Local World on a debt-free cash-free basis at £220 million. The purchase price for the 80.02 per cent shareholding not already owned by Trinity Mirror is £154.4 million, being the Sellers' total share of the equity value of £193 million. Trinity Mirror has also assumed debt, working capital and debt-like items of circa £27 million and incurred some £6 million of transaction costs which, together with the equity consideration, brings the total consideration for the Transaction to £187.4 million.

Of the £154.4 million equity consideration payable to the Sellers, £5.3 million will be satisfied by the issue to certain of the Sellers of a total of 3,371,010 new ordinary shares of 10 pence each in Trinity Mirror (the "Consideration Shares"), at a price per Consideration Share of 158 pence (being the price at which Placing Shares were issued on 28 October 2015). The Consideration Shares represent approximately 1.2 per cent of Trinity Mirror's existing issued share capital, as at the date of this announcement.

Application has been made to the Financial Conduct Authority ("FCA") for admission of the Consideration Shares to the premium listing segment of the Official List of the UK Listing Authority (the "Official List") and to the London Stock Exchange plc (the "London Stock Exchange") for admission of the Consideration Shares to trading on its main market for listed securities (together, "Admission"). It is expected that Admission will become effective on or around 8.00 a.m. on 16 November 2015 and that dealings in the Consideration Shares will commence at that time.

Following the issuance of the Consideration Shares, the Company's issued share capital will consist of 283,459,571 Ordinary Shares with a nominal value of 10 pence and carrying one vote each. Therefore, the total voting rights in the Company as at 16 November will be 283,459,571. The Company does not hold any Ordinary Shares in treasury.

Defined terms that are not defined in this announcement shall have the same meaning given to them in the Circular relating to the Company dated 28 October 2015.

Further to the announcement on 28 October, a copy of the Circular relating to the acquisition has been uploaded to the National Storage Mechanism athttp://www.morningstar.co.uk/uk/NSM.

Enquiries:
Trinity Mirror plc  Simon Fox, Chief Executive Vijay Vaghela, Group Finance Director	020 7293 3553
Numis Financial Adviser, Sponsor, Joint Bookrunner and Corporate Broker Nick Westlake, Lorna Tilbian, Mark Lander, Michael Wharton	020 7260 1000
Brunswick	020 7404 5959
Mike Smith
Jon Drage

 

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