Cornish Metals Regulatory News (TIN)

25 Jun 2007 07:01

Tinopolis PLC25 June 2007 Tinopolis PLC 25 June 2007 TINOPOLIS PLC ("TINOPOLIS" or the "GROUP") ACQUISITION OF APP BROADCAST LIMITED Tinopolis, the AIM listed television and new media producer, is pleased toannounce that it has reached agreement to acquire the entire issued sharecapital of APP Broadcast Limited ("APP") from two individuals for an initialconsideration of £1.05 million in cash and 539,084 Tinopolis ordinary shares of2 pence each ("Ordinary Shares") (the "Initial Consideration"). The cashconsideration will be met from the Group's existing cash balances. A furtherdeferred consideration of up to £550,000 may be payable in January 2008depending on the profitability achieved by APP in the year to December 2007 (the"Deferred Consideration"). The Ordinary Shares included in the Initial Consideration are to be transferredby Tinopolis out of treasury. Tinopolis has therefore today transferred 539,084ordinary shares from treasury and, following such transfer, hold 3,983,614ordinary shares in treasury and has an issued share capital (excluding sharesheld in treasury) of 95,339,306. Ordinary Shares required to settle the Deferred Consideration (if any) may beeither new shares or shares transferred from Treasury. APP Broadcast has a global reputation for taking the coverage of sailing to aninternational audience. The company has been responsible for the televisionproduction and distribution of Ellen MacArthur's record breaking voyages, hasprovided host broadcaster services for major international events and hasdelivered television news and programming worldwide. APP Broadcast has just completed a 12-part Channel 4 series (Ocean!) anddistributes programming to over 140 countries every month. APP Broadcast alsohas long term and successful broadcast partnerships with leading internationalbrands including Omega, Allianz, and Volvo. In the year ended 31 December 2006 APP generated turnover of £1.53 million andEBIT of £290,000. At the end of May 2007, APP had no debts and cash balances of£580,000 which will remain in the business following completion of theacquisition. Ron Jones, Executive Chairman of Tinopolis says: "Buying APP is in line with ourstrategy of acquiring businesses which complement the Tinopolis Group. APP'ssports production and distribution expertise and excellent relationships withglobal brands make it a perfect fit with our existing sports division Sunset +Vine, which has just won a second contract to produce and distribute coverage ofthe Volvo Ocean Race. The two companies will be able to leverage their new scale and relationshipswith big brands to increase our work in the advertiser funded area and build upa global sports news business. APP will also work with Tinopolis interactive tomaximize the new media opportunities around our sailing coverage." Richard Simmonds, joint MD of APP says: "'Joining Tinopolis will enable us totake our business strategy to a new level - to develop the sailing and adventurebusiness, and expand our news division. Scale, new global distributionopportunities, an innovative and bold approach to production and a commitment toquality are all factors that will enable us to improve the service and output toour existing clients as well as developing new areas of business. A majorfactor in the success of our business has been our passion for what we do. Wesee the same passion in the team at Sunset + Vine which has been underlined bythe number of awards the company has won for innovation and productionexcellence." For further information, please contact: Ron Jones Arwel ReesExecutive Chairman Managing DirectorTinopolis plc Tel: 01554 880880 Mantra Public Relations 020 7438 4910Lawrence Dore / Nick Bishop,ldore@mantra-pr.com / nbishop@mantra-pr.com Notes to editors:Tinopolis plc The Tinopolis Group is one of the United Kingdom's leading independenttelevision production companies, with more than 2500 hours of programmingbroadcast each year. Established in 1989 and based in Llanelli, the Group hasproduction centres in London, Glasgow and Cardiff. Its production brands includeMentorn, Sunset + Vine, Folio, Fiction Factory, Pop 1, Dave EdwardsEntertainment Mediaand Tinopolis. Tinopolis is also one of Britain's leading newmedia producers. The company produces a range of interactive, training andeducation materials for clients including the Ministry of Defence, theUniversity for Industry, the WDA, Scottish Enterprise, the BBC and ACCAC inaddition to other government and public authorities in the UK and corporateorganisations worldwide. In May 2007, the company acquired the Video Arts Group.One of the UK's leading producers and distributors of training videos. Sunset + Vine, which is owned by Tinopolis PLC, is the UK's leading independenttelevision sports producer. Providing more than 2000 hours of television a year,Sunset + Vine's output includes overnight sport and live football for Five,horse racing for the BBC, Tour de France cycling for ITV and extensive gamingcoverage for Challenge. Sunset + Vine is a world leader in Advertiser FundedProgramming, through brands including the weekly Gillette World Sport magazineprogramme which is distributed to around 200 countries worldwide. This information is provided by RNS The company news service from the London Stock Exchange