Audioboom Grp. Regulatory News (BOOM)

7 Nov 2007 07:02

Boomerang Plus PLC07 November 2007 Date: 7th November 2007On behalf of: Boomerang Plus plc ("Boomerang" or "the Group")Immediate Release Boomerang Plus plcAppointment of PR Adviser Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically integrated,multi-genre, independent television production group operating within theNations and Regions, announces that it has appointed Redleaf Communications asits financial PR adviser with immediate effect. Boomerang, founded in 1994, has extensive experience in producing content in avariety of genres, including youth programming, music, entertainment, children'sprogramming, extreme sports and drama. The Group produces over 500 hours oftelevision and radio content per annum for S4C, Channel 4, BBC Wales, ITV Wales,Sky and Discovery. The Group floated on AIM on 5th November 2007, raising £3.0 million beforeexpenses. For further information, please contact: Boomerang Plus plc Via Redleaf CommunicationsHuw Davies, Chief ExecutiveMark Fenwick, Finance Director Redleaf Communications 020 7822 0200Emma Kane/Sanna Lehtinen/Anna Dunkin Notes to Editors: • The Group, founded in 1994, has extensive experience in producing content in a variety of genres, including youth programming, music, entertainment, children's programming, extreme sports and drama • The Group has good revenue visibility as a high proportion of its budgeted revenue is contracted with broadcasters • The market for independent television production companies in the Nations and Regions has grown following quotas from the regulator Ofcom, which require that, depending on the broadcaster, between 10 per cent. and 50 per cent. of qualifying programming hours must be sourced from outside the M25 boundary • Boomerang is ranked in the top five independent television production companies, by revenue, in the Nations and Regions according to the Broadcast Survey (Nations and Regions) 2007 • The Board's strategy is both to achieve strong organic growth by leveraging the Group's existing customer base coupled with strategic acquisitions, with a view to becoming a major supplier to UK networks looking to satisfy their Nations and Regions quotas • Boomerang is well placed to lead the consolidation of regional independent production companies across the UK. Target companies which meet the acquisition criteria will have a strong track record, which will assist the Group to grow further, outside Wales • The Placing proceeds are, inter alia, intended to provide finance for acquisition opportunities, fund the general working capital requirements of the Group and provide the capacity for additional incentives for employees through share option schemes This information is provided by RNS The company news service from the London Stock Exchange