WPP Group PLC
16 May 2007
FOR IMMEDIATE RELEASE 16 May 2007
WPP GROUP PLC ("WPP")
Network Limited to merge with Media Puzzle in Australia
WPP announces that Network Limited (ASX "NWK"), a listed outdoor media
specialist in Australia, has conditionally agreed to acquire the 55% stake held
by WPP in Media Puzzle Pty Ltd together with the remaining 45% held by
management, in consideration for the issue to WPP of 119,000,000 ordinary shares
in NWK representing 32% of NWK's ordinary share capital. NWK will seek
shareholder approval for the transaction at their forthcoming EGM.
Media Puzzle reported revenues of A$16.8 million for the year ended 31 December
2006 and had gross assets of A$13.5 million at that date. On a proforma basis
for the year ended 31 December 2006, the enlarged company had revenues of
A$51.2million and gross assets of A$57.8million.
The merger of NWK with Media Puzzle, which owns various forms of outdoor retail
advertising signage, will create an enlarged company employing 88 people. With
offices in Sydney, Melbourne, Brisbane and Adelaide, the enlarged company will
have a significantly enhanced position in the fast growing outdoor advertising
market in Australia.
Contact:
Feona McEwan, WPP London +44 (0)20 7408 2204
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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