1 Jul 2016 07:00
1 July 2016
TLA Worldwide plc
("TLA" or "the Group")
Update on Acquisition of Elite Sports Properties Merchandise and Total Voting Rights
TLA Worldwide plc (AIM: TLA), a leading sports marketing and baseball representation business, is pleased to announce that as part of its acquisition of Elite Sports Properties Pty Ltd, ("ESP"), announced in March 2015, it has finalised the acquisition of the outstanding 45% of the share capital of Elite Sports Properties Merchandise Pty Ltd ("ESPM"), an Australian merchandise business focused on sports.
Terms of the Transaction
As stated in the full year results announcement on 12 April 2016, on 19 March 2015 TLA acquired the assets and business of ESP, as well as 55% of the share capital of ESPM. Under the terms of the deal, TLA had the option to acquire the remaining 45% of the equity of ESPM from the first anniversary of the acquisition.
TLA has taken up this option and acquired the outstanding 45% of the share capital of ESPM for a consideration of AUD2.05 million (USD1.54 million). This consideration could increase after the three-year period ended 31 December 2018 and subject to certain performance conditions.
The initial consideration will be paid as to AUD1.54 million in cash and 467,874 in TLA 2 pence ordinary shares issued at a price of 55.6071 pence per share. Any additional consideration that may be paid after the three-year period ended 31 December 2018 will also be split 75% in cash and 25% in TLA shares.
The Shares will be admitted to trading on the AIM Market of the London Stock Exchange ("Admission") on 1 July 2016. The Shares will rank pari passu with the existing Ordinary Shares currently traded on AIM.
Bart Campbell, Executive Chairman of TLA, commented: "We have been pleased by the success and integration of ESP into the Group and the acquisition of the remaining 45% of the share capital of ESPM, continues our strategy of complementary expansion."
Total Voting Rights
Following Admission, TLA's ordinary shares in issue will increase from 142,959,325 to 143,427,199.This figure represents the total voting rights in the Group and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Group under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
TLA Worldwide | |
Bart Campbell, Executive Chairman Michael Principe, Chief Executive Officer | +1 212 645 2141 |
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Numis Securities | |
Nick Westlake and Oliver Hardy (Nomad) | +44 20 7260 1000 |
Christopher Wilkinson (Broker) |
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Luther Pendragon | |
Harry Chathli, Alexis Gore | +44 20 7618 9100 |
About TLA Worldwide
TLA Worldwide is a leading athlete representation, event management and sports marketing group quoted on AIM in London. The Group derives revenues from long term agency relationships with many prominent US and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA tour, AFL and Olympians and Cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation and ownership, including the International Champions Cup tournament in Australia. With over 170 full-time personnel, TLA Worldwide serves its clients from 10 locations worldwide including its offices in London, UK; New York Newport Beach, California, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.