Tangibal signs binding terms to acquire Westpoint Media GmbH a German Screen Network in Shopping Malls
(firmenpresse) -
Tangibal signs binding terms to acquire Westpoint Media GmbH a German Screen Network in Shopping Malls
London, 5th April 2013. Tangibal Group Plc is pleased to announce that it has signed a binding Heads of Agreement to acquire Westpoint Media GmbH and its existing highly visible media network of 280 screens in 10 premium shopping malls across Germany.
The high bright screens are located in highly visible central locations within the malls. Full details and images of the screens can be found at http://westpointmedia.com/advertising
Tangibal will acquire 100% of Westpoint in return for a total of £550,000 of new Tangibal shares split £250,000 on completion and a further £300,000 of new shares after 180 days have lapsed from completion and at the average share price of the stock across two weeks preceding closing so long as the share price is not over 50 pence at the time. Furthermore as part of the acquisition Tangibal will be taking on an existing loan arrangement of £200,000 which is payable from revenues derived from German malls only, although the lender will have the right to convert the loan into new shares in Tangibal Group Plc. The minimum conversion price has been set at 25 pence.
The Group’s intention is to expand this network to an initial 500 screens through cash flow generated by the network and eventually we believe the market can sustain up to 1,000 screens across Germany.
The Group expects this network to deliver around £700 per screen per month net of sales commissions income to the Group, which at full capacity of 1,000 screens is expected to deliver around £8.4 million of turnover per year.
Dominic Brookman CEO commented, “We are very optimistic about the potential of this new screen media network as we have both first mover advantages in the region as well as critical mass which creates a barrier to entry. We believe this will deliver significant revenue and profits to the Group. With a target of 1,000 screens across Germany we believe this network will become a major part of the overall German outdoor media market. Tangibal will continue to build on this strategy of earnings enhancing acquisitions to deliver positive shareholder returns.”
For further information please contact:
Tangibal Group PLC+44 207 851 7080
Dominic Brookman
www.tangibal.com
The directors of Tangibal accept responsibility for the information contained in this announcement relating to Tangibal. To the best of the knowledge and belief of the directors of Tangibal (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not affect the import of such information.
About Tangibal:
Formed in 2008, Tangibal Group Plc has established itself as a vision leader in interactive media and experiential advertising. Our goal is to deliver solutions that entertain, inform and motivate. See www.tangibal.com for more information
Disclaimer:
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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Tangibal Group PLC
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