Acquisition

3 Jul 2007 10:33

M&C Saatchi PLC03 July 2007 M&C Saatchi PLC3 July 2007 M&C SAATCHI PLC ("M&C Saatchi" or the "Company") M&C Saatchi have acquired an additional 19.5%of Walker Media Holdings Limited M&C Saatchi is pleased to announce that it has acquired an additional 19.5% ofthe issued ordinary shares of Walker Media Holdings Limited ("Walker Media"),this includes the 14% held by Christine Walker as announced on 4 May 2007, andhalf of Phil Georgiadis' interest (representing 4.75%). Upon completion of theacquisition M&C Saatchi plc (together with its subsidiary M&C Saatchi WorldwideLimited) will hold approximately 94.5% of the share capital of Walker Media. Walker Media is a media planning and buying company that Christine Walkerfounded with Phil Georgiadis and M&C Saatchi in 1997. Walker Media is theeighth largest media agency in the UK, with annual billings in excess of £300million. M&C Saatchi has made a cash payment of £8,783,252 and issued 1,888,236 ordinaryof 1p each in the capital of M&C Saatchi plc ("Ordinary Shares"), by way ofinitial consideration The consideration will be capable of being adjustedfollowing the determination of the consolidated profit for the Walker Mediagroup for the financial year ending 31 December 2007. The 1,888,236 new shares are expected to be admitted to trading on AIM on 6 July2007, following which the Company's issued share capital will consists of56,203,533 ordinary shares of 1p each ('Ordinary Shares'). Of this total,700,000 Ordinary Shares are held in treasury. As a consequence of this share issue Christine Walker share holding will be1,844,207 ordinary shares of 1p each in the Company, representing 3.3% per centof the issued share capital of the Company M&C Saatchi's directors, having consulted with Numis Securities Limited,consider the terms of the transaction to be fair and reasonable insofar as M&CSaatchi's shareholders are concerned. For further information: M&C Saatchi plc020 7543 4500David Kershaw, Chief Executive Numis Securities Ltd 020 7260 1000Charles Farquhar Tulchan Communications020 7353 4200Celia Gordon Shute Notes Walker Media started trading in January 1998 as a 50:50 joint venture with M&CSaatchi. In July 2004 M&C Saatchi acquired a further 25% of Walker Media'sshares when the Company was launched on the London AIM market. This information is provided by RNS The company news service from the London Stock Exchange