OOMPH CONTROLLING STAKE
3rd July 2006
Cello to take control of digital and online marketing consultancy Oomph.
Cello Group plc (‘Cello’) (AIM: CLL), the research and data led marketing services group, is exercising its option, announced on 3 October 2005, to take a controlling stake in OMP Services Ltd (trading as ‘Oomph’ – www.oomphagency.com), the digital and on-line marketing consultancy. Cello will acquire 50.1% of Oomph for a total consideration of £150,000 in loan notes and the issue of 123,254 new ordinary shares.
The remaining 49.9% of Oomph is subject to a put option by the vendors. The total maximum payable for this 49.9% is £1.5 million, payable up to 75% in new ordinary shares.
Oomph works closely with Cello’s data analytics subsidiary, Talking Numbers within Cello’s response operating platform. Clients include CPP Group, Co-operative Financial Services, Cox & Kings Group, Cotswold Outdoor and Bristol & West. At 31 December 2005 net assets stood at £34,000.
Mark Scott, Cello Chief Executive, commented: “We are delighted that Oomph has proved such a success in the short period of time since inception. The ability of Cello to incubate outstanding new businesses will stand us in good stead as we seek to continually innovate in the solutions we offer clients.”