21 Mar 2019 15:16
21 March 2019
reach4entertainment enterprises plc
("r4e" or "the Company" or "the Group")
Completion of Acquisition
Further to the announcement made on 22 February 2019 and following shareholder approval at the Company's General Meeting on 15 March 2019, reach4entertainment enterprises plc, the entertainment marketing communications group, is pleased to announce that it has successfully completed the acquisition of Agency Press Limited (trading as "Sold Out"), a full-service advertising agency, specialising in arts and entertainment.
Commenting on the acquisition, Lord Michael Grade, Chairman of r4e, said: "We would like to thank both new and existing investors for their support, which has enabled r4e to complete the acquisition of Sold Out. This is a truly exciting development for the Group. Sold Out's impressive client base and long track-record of delivering successful campaigns makes it an ideal addition to the r4e family. We look forward to working closely with the Sold Out team and utilising their skills across the Group."
Following completion of the acquisition, 20,833,333 new ordinary shares of 1.2 pence each in the capital of the Company ("New Ordinary Shares") have been issued by the Company to the founder of Sold Out, Adrian Francis, pursuant to the Acquisition (the "Consideration Shares"). Application has been made for the 20,833,333 New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission and dealings in the 20,833,333 New Ordinary Shares will commence at 08:00 a.m. on 22 March 2019.
Following the issue of the Consideration Shares, the Company's total issued share capital will consist of 1,276,430,385 Ordinary Shares, of which none are held in treasury. The figure of 1,276,430,385 may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Defined terms used in this announcement will have the meanings (unless the context otherwise requires) set out in the circular dated 22 February 2019.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
For information, please contact:
reach4entertainment enterprises plc Marc Boyan, CEO Paul Summers, COO
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Yellow Jersey PR | Phone: +44 (0)7747 788 221 / +44 (0)7544 275 882 |
Charles Goodwin | Email: r4e@yellowjerseypr.com |
Harriet Jackson |
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Grant Thornton, NOMAD | Phone: +44 (0)20 7383 5100 |
Philip Secrett |
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Jen Clarke |
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Seamus Fricker |
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Dowgate Capital, Broker | Phone: +44 (0)20 3903 7715 |
James Serjeant |
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David Poutney |
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Notes to Editors
reach4entertainment enterprises plc ("r4e") operates a collection of theatrical, film and live entertainment marketing, PR, advertising and display agencies, across the world. The Company uses its extensive experience in the live entertainments space to create value through investing in innovative and established agencies that provide communications services to a range of clients involved with theatre, film, concerts and more.
For further information on r4e you are invited to visit the Company's website at www.r4e.com.
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