23 Nov 2009 07:31
23 november 2009
MBL Group plc
("MBL" or "the Group")
Acquisition of global media vault
The Board of MBL Group plc, the UK distributor of home entertainment products, is pleased to announce that it has today agreed to acquire Global Media Vault Limited ("Media Vault") for a total consideration of up to £839,030 to be satisfied by the issue of up to 102,400 new Ordinary Shares and £664,950 in cash. Of the 102,400 new Ordinary Shares to be issued, 11,200 are subject to certain financial performance targets being met for the year ended 31 December 2010 and 11,200 are subject to certain financial performance targets being met for the year ended 31 December 2011.
Media Vault, established in January 2009, is a leading Digital Media distribution business and has a comprehensive catalogue of digital entertainment content. Media Vault provides retail solutions for customers from a range of different territories and industries. It provides website, touch-screen kiosk, mobile and in-home retail platforms to customers wishing to sell digital content to their consumers.
MBL distributes CDs, DVDs and computer games to major retailers across the UK, and has acquired Media Vault to further extend its service offering to include the distribution of digital entertainment content. MBL is focused on developing new channels to market and further enhancing the service it delivers to its customer base. MBL is now in a position to offer both in-store and online fulfilment of entertainment content to customers.
The Company will make application for the 80,000 new Ordinary Shares to be issued to be admitted to trading on AIM, and their admission to AIM is expected to take effect on 27 November 2009.
Following the admission of the 80,000 new Ordinary Shares, the total number of ordinary shares in issue, and therefore, the total number of voting rights, will be 17,242,735.
Commenting on the acquisition, Trevor Allan, MBL's CEO said:
"We are delighted to have entered the digital arena. We are committed to offering our customers a one-stop entertainment distribution solution and this is a major step towards that goal."
Matthew Porter, GMV's Managing Director said,
"We have been seeking a partner for some time now who can support the development of our rapidly growing company. Joining the MBL Group gives us the strength and credibility necessary to drive our business further forward. It's a great strategic fit for us."
Enquiries:
| MBL GROUP PLC | Tel: 0161 767 1620 | |
| Peter Cowgill, Chairman | ||
| BISHOPSGATE COMMUNICATIONS LIMITED | Tel: 020 7562 3350 | |
| Maxine Barnes/Will Tindall | ||
| SEYMOUR PIERCE LIMITED | Tel: 020 7107 8000 | |
| Mark Percy |