Next Fifteen Comm Acquisition
July 12 2017 - 1:00AM
UK Regulatory
TIDMNFC
Next Fifteen Communications Group plc("Next 15" or the
"Company")
Acquisition of Circle Research Limited
Next 15, the digital communications group, is pleased to
announce the acquisition of the entire issued share capital of
Circle Research Limited ("Circle"), a B2B market research
consultancy, through its data and insights subsidiary, MIG Global
Limited ("MIG").
Circle was founded by David Willan, Andrew Dalglish and Beth
Pearson in 2006. Andrew and Beth stay as Joint Managing Directors
and although David will relinquish his role as Chairman, he will
continue to support the business in an advisory capacity. Clients
include Vodafone, Google, Mastercard, BSI, SITA, Maersk and
Facebook.
The initial consideration for the acquisition is GBP5.21 million
and is comprised of GBP3.01 million as an up-front payment for the
business and GBP2.20 million for the net assets acquired. Of the
total initial consideration, GBP4.94 million is to be satisfied in
cash with the balance to be satisfied by the issue to the vendors
of 67,360 new ordinary shares in Next 15. Further consideration may
become payable based on the profits of Circle for the years ending
31 January 2019 and 31 January 2020. Any deferred consideration
that becomes payable may be satisfied by cash or up to 25 per cent
in new ordinary shares, at the option of Next 15. The acquisition
is expected to be earnings-enhancing for the Group in the current
financial year.
For the year ended 31 March 2017, Circle reported net revenues
of GBP2.24 million, adjusted profit before tax of GBP1.01 million
and net assets of GBP2.23 million. Circle is to be acquired
debt-free.
Tim Dyson, CEO of Next 15, commented: "Next 15 is committed to
building a deep data and insight capability at its core. Circle is
an important step in that strategy, a powerful addition to the MIG
data and insights offering and we are excited to have them as a
part of the Group."
Beth Pearson comments: "We're confident that joining MIG and
Next 15 is a positive move for Circle's clients and team. MIG share
our core values - great work, delighted clients and happy people -
and will enhance our offering by bringing cutting-edge research
technology and an on-the-ground international presence". Andrew
Dalglish continues: "As Circle will remain an autonomous brand
within MIG it's really business as usual."
Application has been made to the London Stock Exchange for the
new ordinary shares to be admitted to AIM and it is expected that
admission will take place on 13 July 2017. Following the issue and
allotment of the new ordinary shares, the Company will have
73,935,504 ordinary shares in issue. No ordinary shares are held in
treasury.
Enquiries:
Next Fifteen Communications Group plcTim Dyson, CEO +1 415 350
2801
Investec Bank plcKeith Anderson / Matt Lewis / Dominic Emery +44
20 7597 5970
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170711006561/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 12, 2017 02:00 ET (06:00 GMT)
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