DIGITAL CAPABILITY WIDENED WITH INCREASED HOLDING IN FACE GROUP
8th May 2009
Cello has acquired an additional 30.6% in Fenix Media Limited (“Fenix Media”), taking its total holding to 50.7%. The original stake was acquired in December 2007.
Fenix Media trades under the name Face Group (http://www.facegroup.co.uk) and has a number of leading edge digital research and co-creation products.
Mark Scott, Cello Chief Executive, commented:
“Taking a majority stake in Face Group is another important step in widening our digital capabilities. The products and services offered by Face Group are increasingly in demand from our growing range of global blue chip client base.”
The Group will issue 443,792 new ordinary shares of 10p each (“Ordinary Shares”) pursuant to the share purchase agreement with the vendors of Fenix Media. Application has been made for the Ordinary Shares to be admitted to trading on AIM and admission is expected to occur on 13 May 2009. The Ordinary Shares are subject to a full trading lock-in for a year and a sliding lock-in for the following two years.
The Group has now settled all of the earn out and related liabilities that were detailed in the results announcement of 17 March 2009 as being due for settlement within one year.
The Group’s issued share capital, following this issue of 443,792 new ordinary shares will be 58,762,197 Ordinary Shares. The new Ordinary Shares will rank from admission pari passu in all respects with the existing Ordinary Shares in issue. The Group holds 237,000 Ordinary Shares in treasury at the date of this announcement. The total number of current voting rights in the Group will therefore be 58,525,197 shares.
The above figure (58,525,197 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Group under the FSA’s Disclosure and Transparency Rules.