Last checked at 20 Oct 2009 07:00
Date: 20 October 2009
On behalf of: Boomerang Plus plc ('Boomerang' or 'the Group')
Embargoed until: 0700hrs
Boomerang Plus plc
Acquisition of Indus Films Limited
Further to its announcement on 15 October 2009, Boomerang Plus plc (AIM: BOOM.L), the multi-genre independent television production group, is pleased to announce that it has completed the acquisition of Indus Films Limited ('Indus'), a Welsh-based, network-focused, award winning production company ('the Acquisition').
The Acquisition will significantly diversify the Group's customer base and broaden its genre portfolio to include adventure, environmental, living history, natural history and arts. Steve Robinson and Paul Islwyn Thomas, founders of Indus, will remain with the business and offer extensive creativity and experience to Boomerang's talented team of programme makers.
The initial consideration for the Acquisition is £1.1m in cash. Of this initial consideration, £0.88m was paid on completion and £0.22m will become payable on the first anniversary of the Acquisition. Further consideration of up to £1.295m in cash and new Boomerang shares may become payable dependent upon the achievement by Indus of profit before taxation
targets over the three-year period post the Acquisition.
For the year ended 30 June 2008, Indus achieved unaudited earnings before interest, tax, depreciation and amortisation of £0.263m and unaudited profit before taxation of £0.209m on turnover of £5.32m. Indus had unaudited net assets at 30 June 2008 of £0.122m. The Acquisition is expected to be earnings enhancing for Boomerang in the financial year ending 31 May 2010.
Huw Eurig Davies, Chief Executive Officer of Boomerang, said:
"Indus is a great strategic fit for Boomerang. We have long admired Indus' award winning talents and are delighted to have the opportunity to benefit from their experience and creativity in our own work. The Acquisition significantly expands Boomerang's customer base and genre offering and will further enhance our position as the supplier of choice to the Network Broadcasters looking to fill their quotas for the Nations and Regions."
Paul Islwyn Thomas, Managing Director of Indus, said:
"We are delighted to be joining forces with Boomerang at such an exciting time in our development. Over the last few years, both companies have produced an impressive range of programming, and this new alliance will provide an excellent creative and business platform to enable us to aim for even more ambitious targets in the future."
Steve Robinson, Director of Programmes of Indus, said:
"This is an exciting new development for Indus. We have a strong track record in making high-quality, award-winning programmes to the UK and US networks. The partnership with Boomerang will allow us to continue to grow and make the most of the opportunities coming to Wales in the future."
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Contacts:
Boomerang Plus plc
Huw Eurig Davies, Chief Executive Officer Via Redleaf Communications
Mark Fenwick, Finance Director
Redleaf Communications boomerang@redleafpr.com
Anna Dunkin / Samantha Robbins 020 7566 6731
Altium (NOMAD)
Tim Richardson / Melanie Szalkiewicz 020 7484 4040
Evolution Securities (Broker)
Adam Lloyd 020 7071 4317
Notes to Editors:
Boomerang
Indus Films Limited
For further information on Boomerang Plus plc, interviews, and publication quality images, please contact Anna Dunkin on 020 7566 6700 or email boomerang@redleafpr.com