Incepta Group PLC - Acquisition
July 01 1997 - 2:30AM
UK Regulatory
RNS No 7334v
INCEPTA GROUP PLC
1st July 1997
Incepta acquires Westminster Communications Group
Incepta Group plc ("Incepta"), the international
communications group, is extending its range of specialist
communications services with the acquisition of Westminster
Communications Group Limited ("Westminster"), a leading public
affairs and public relations consultancy with offices in
Westminster and Brussels.
Incepta has agreed to acquire the 78.8pc of Westminster not
already owned by its subsidiary, Citigate Communications Group
Limited, for #1.46 million payable as to #825,000 in cash and
the balance through the issue, fully paid, of 3,166,852 new
Ordinary shares of 1p each in Incepta. The deal effectively
values Westminster at #2.1 million, after allowing for a pre-
sale distribution of #250,000 to reduce the balance sheet net
assets to approximately #100,000.
Westminster in its audited accounts for the year to
30 September 1996 made a profit before tax of #362,647 on a
turnover of #2,596,315 and gross profit of #2,067,196. The
net assets of Westminster as at 30 June 1997 are estimated to
be approximately #100,000.
Westminster has a broad range of clients in the financial
services, corporate, transport and public sectors, and will
continue to trade as Westminster Communications (public
affairs), Westminster Public Relations (public relations) and
Westminster Europe (European public affairs). Westminster
Communications Group Limited will change its name to Citigate
Westminster Limited.
David Wright, Chief Executive of Incepta, said:
"We have worked closely with Westminster Communications
Group for a number of years and I am delighted that we
are able to bring one of the UK's leading public affairs
and public relations specialists into the broad range of
communications services we offer to our UK and
international clients".
Richard Faulkner, Joint Managing Director of Westminster
Communications Group, said:
"We are looking forward to formalising our relationship
with Incepta, which will allow us to offer our clients a
broader range of communications disciplines within a
single company. This is a logical and positive
development which follows a long and successful
courtship. It will enable us to share with our clients
the benefits of belonging to a larger group, without in
any way compromising the personal and professional
standards they have enjoyed."
For further information contact:
John Rudofsky, Citigate Communications
Tel: 0171-282 8000
Richard Faulkner, Westminster Communications
Tel: 0171-222 0666
END
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