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31 Jan 2013 12:00
Chime Communications PLC
("Chime")
Completion of acquisition of Complete Leisure Group Limited ('CLG')
On 26 October 2012, Chime, the international communications and sports marketing group, announced that it had entered into an option agreement with Lord Coe whereby on exercise of the option it would acquire Lord Coe's 93% interest in CLG. That option has now been exercised and the acquisition has been completed. Lord Coe has now been appointed Executive Chairman of CSM Sport and Entertainment.
CLG owns the rights to all Lord Coe's income streams over the next fifteen years. Primarily, these income streams constitute commissions, royalties and consulting income. Lord Coe is one of the most high profile figures in world sport and the proposed acquisition of CLG will assist CSM Sport & Entertainment in its ambition to become one of the top three sports and entertainment businesses in the world.
On completion Chime paid an initial £1.96 million in cash (an increase from the £1.5 million referred to in the announcement dated 26 October 2012 reflecting the level of net assets on closing). In addition deferred consideration capped at £10.2 million is payable over the period to March 2017 on the achievement of various financial targets. Gross assets on completion were £764,000. In the year to December 2012 CLG's pretax profit was £154,000. The transaction is expected to be immediately earnings enhancing.
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ENQUIRIES:
Chris Satterthwaite, Chief Executive 020 7096 5888Chime Communications
James Henderson / Victoria Geoghegan 020 7861 3232Pelham Bell Pottinger
NOTES TO EDITORSChime is an international communications and sports marketing group, including CSM , the VCCP Partnership in advertising, the Good Relations Group in public relations, Open Health in healthcare communications, Teamspirit a specialist in financial and professional services and CIE our insight and engagement agency.For more information please go to www.chimeplc.com
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