News9 Jun 2009 13:51
TIDMVMG
RNS Number : 6061T
Vision Media Group (Intl) PLC
09 June 2009
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| Press Release | 9 June 2009 |
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Vision Media Group (International) plc
("VMG" or "the Company")
TrainFX Option Agreement and Loan
Further to the announcement made on 7 May 2009, Vision Media Group
(International) plc (AIM:VMG), the outdoor media contractor, announces that
AIM-listed RAM Investment Group Plc ("RAM") has now completed the Option
Agreement to acquire, with a long stop date of 31 August 2009, the remaining
50.1% of TrainFX ("TrainTV") which RAM does not already own at a price of
GBP1,240,000, consisting of cash of GBP785,000, RAM shares with a value of
GBP425,000 and circa GBP30,000 of loan notes to be issued by RAM, with all cash
elements being used to pay down part of VMG's existing debt facility with
Trafalgar Capital Partners LLP.This option, which has yet to be called by RAM,
is subject to the approval of VMG's shareholders.
The completion of this transaction provides VMG with an overall enterprise value
of circa GBP2.16 million for the TrainTV business. For the year ended 31
December 2007 Train TV made a loss of GBP0.56 million on turnover of GBP0.03
million. As at