Stmnt re Share Price Movement
30 Julho 2009 - 9:40AM
UK Regulatory
TIDMBRST
RNS Number : 5831W
Burst Media Corporation
30 July 2009
30 July 2009
Burst Media Corporation ("Burst" or the "Company")
Statement re recent share price movement
The board of directors of Burst (the "Board") has noted the recent movement in
the Burst share price and the statement, dated 30 July 2009, by Cyberplex Inc.
("Cyberplex") regarding a proposal that it had made to the Board to acquire all
of the outstanding shares of Burst common stock for a consideration of 12p per
share in cash (the "Indicative Approach").
The Board acknowledges that it received the unsolicited Indicative Approach from
Cyberplex. The Board fully evaluated the Indicative Approach and concluded that
it was opportunistic and unreflective of the worth of the Burst businesses.
As previously highlighted, the Board remains focused on generating shareholder
value by continuing the successful development of the Company and by leveraging
Burst's relative operational and financial strength to add critical mass to its
businesses. The Board notes in this regard that the Cyberplex statement contains
the following passage: "We have a strong admiration for what Burst has been able
to accomplish in terms of building a great brand in the CPM network space, as
well as the development of strong publishing relationships against which growth
can be accomplished".
The Board would also highlight that Burst is one of the top 20 ad supported
properties in the U.S. as measured by reach (ComScore) with a strong,
well-recognized and trusted image. The Company has long-standing relationships
with hundreds of the Internet's best independent web publishers, a list of
desirable blue chip advertising customers, and customers of its adConductor unit
that are among the world's largest media companies. In addition, Burst has some
of the industry's most experienced and knowledgeable employees.
Burst continues to have a strong balance sheet with good cash reserves and no
debt and, as reported in the Company's trading update of 16 July 2009, recent
trading has been positive.
The Board's evaluation was communicated to Cyberplex and, as acknowledged in the
Cyberplex statement, the Board rejected the Indicative Approach. The Board
confirms that there are no ongoing discussions with Cyberplex regarding the
Indicative Approach.
It should be noted that, as a US corporation, the City Code on Takeovers and
Mergers does not apply to the Company. Further announcements will be made as
appropriate.
Enquiries:
+------------------------------------+------------------------------------+
| Burst Media Corporation | |
+------------------------------------+------------------------------------+
| Jarvis Coffin, Chief Executive | Tel: +1 781 852 5271 |
| Steve Hill, Chief Financial | |
| Officer | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Altium | |
+------------------------------------+------------------------------------+
| Tim Richardson / Paul Chamberlain | Tel: +44 (0) 20 7484 4040 |
+------------------------------------+------------------------------------+
+------------------------------------+------------------------------------+
| Hudson Sandler | |
+------------------------------------+------------------------------------+
| James White | Tel: +44 (0) 20 7796 4133 |
+------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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