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BRIEF-Times Media Group acquires 49 pct stake in Radio Africa Limited
April 11, 2014 / 1:00 PM / 3 years ago

BRIEF-Times Media Group acquires 49 pct stake in Radio Africa Limited

April 11 (Reuters) - Times Media Group Ltd

* Acquisition of a 49 pct interest in Radio Africa Limited in Kenya

* Total purchase consideration of $18.62 million, being approximately zar195 million

* A portion of share sale proceeds, being $5.9 million, will be placed into escrow until certain warranties are met.

* R36 million of purchase consideration will be used to subscribe for new shares

* Purchase consideration to be paid through acquisition of existing ordinary shares in RAG, subscription for new ordinary shares in rag and acquisition of shareholder loans

* RAG’s full year normalised ebitda for year ended 30 june 2014 is forecast at r45 million with 3 months of trading remaining in current financial year Source text for Eikon: Further company coverage:

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