WPP Group PLC
15 January 2003
The following replaces the Acquisition announcement released on 15 January 2003
at 15.21hrs under RNS 2201G.
In the third paragraph it should read that an EGM will be held on 4 February
2003 and not an AGM to be held on 28 January 2003.
The full amended version appears below.
FOR IMMEDIATE RELEASE 15 January 2003
WPP GROUP PLC ("WPP")
RED CELL ACQUIRES 49% of HHCL
WPP announces that its wholly owned operating company, Red Cell, the global
communications services network, has conditionally agreed to acquire 49% of the
issued share capital of HHCL Limited ("HHCL") for an initial cash consideration
of £3.5 million and a further £500,000 in cash if HHCL achieves certain trading
revenues in the financial year ending 31 December 2003.
Red Cell has also entered into put and call options in respect of the remaining
51% of the equity of HHCL for a cash consideration of up to a maximum of £12
million in respect of the put option.
Chime Communications plc will seek shareholder approval for the transaction at
an EGM to be held on 4 February 2003.
Red Cell's London operation will be merged with HHCL and the new agency will be
renamed HHCL/Red Cell. HHCL employs 65 people and had revenues of £18.7 million
for the year ended 31 December 2001.
The acquisition of HHCL strengthens Red Cell's base in London and continues
WPP's strategy of strengthening its networks in important growth sectors and
markets.
For further information, please contact:
Feona McEwan, WPP 44-20 7408 2204
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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