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Chime Communications PLC Announces Acquisitions

Wednesday, 15 May 2013 09:55am EDT 

Chime Communications PLC announced that the acquisitions of People Marketing UK Limited (PMUK), a sports marketing and communications agency based in Shanghai and WARL Group Limited (WARL), a London based specialist 'shopper marketing' agency. The Company has acquired 100% of the share capital of PMUK (which includes its wholly-owned subsidiary People Marketing Sport and Entertainment Hong Kong Limited (PMHK) from its founder Ms Irene Cheung. PMUK is a sports marketing and communications agency based in Shanghai. Ms Irene Cheung is a renowned business figure in the region and has operated at a senior level throughout South East Asia for many years. Initial consideration for the acquisition is HKD128 million (GBP10.8 million). Of this sum 20% has been paid in cash with the remaining 80% being paid once the WFOE is established and trading. HKD89.6 million (GBP7.5 million) of this will be paid in cash and the remaining HKD12.8 million (GBP1.1 million) will be financed through the issue of new Chime ordinary shares to Ms Irene Cheung. The Company also announced that Chime has agreed to acquire WARL from its three shareholders, Marcus Wilcox, Kerry Bateman and Brian Lloyd. WARL brings specialist retail and shopper skills to the VCCP Partnership.Initial consideration is GBP4.5 million of which 30% will be funded by the issue of 521,062 new Chime ordinary shares. Further deferred consideration may become payable over the period to 2018 depending on the performance of the business. 

Company Quote

-3.5 -1.31%
2 Mar 2015