GETM Getmobile

 

TIDMGETM 
 
RNS Number : 8031Z 
Getmobile Europe PLC 
29 September 2009 
 

getmobile europe plc ("getmobile" or the "Company") 
 
 
Acquisition of further 11.87% Stake in Shirtinator AG for EUR273,118 
 
 
getmobile announces that it has acquired a further 11.87% stake in Shirtinator 
AG ("Shirtinator") at a cost of EUR273,118 taking its interest in the company to 
36.87%. Shirtinator is an e-commerce business engaged in on-line marketing and 
retailing of customised printed T-shirts and other items of clothing primarily 
in Germany and other European markets. getmobile announced the acquisition of an 
initial 25% stake on 25 February 2009. 
 
 
Background 
Shirtinator was established in Munich in 2007 by a group of entrepreneurs, 
business angels and early stage investors. Shirtinator believes that it is now 
the third largest on-line vendor of customised printed T-shirts in Germany where 
95% of its sales currently take place via its www.shirtinator.de website. The 
product range is also available on a number of additional websites including 
www.shirtinator.co.uk and www.shirtinator.sk as well as on its white label 
platform www.shirtinator.net. The business operates from its base in Munich and 
via a subsidiary based in Bratislava, Slovakia where its production and IT 
facilities are based. 
 
 
Shirtinator employs 20 people and is led by CEO Sven Rittau who, in 1999, was a 
co-founder of Zooplus AG, the leading European on-line pet supplies retailer 
which is quoted on the Deutsche Börse's Entry Standard Market. He was COO of 
Zooplus until 2007. 
 
 
The acquisition of this additional stake is in line with the Company's objective 
of expanding its range of e-commerce activities leveraging getmobile's 
management team's extensive knowledge and experience of e-commerce and direct 
marketing. 
 
 
Related Party Transaction 
getmobile has acquired the additional 11.87% stake for EUR273,118 in cash from 
Tiburon AG, an early-stage investment fund in which a number of the directors of 
getmobile are investors and, in some cases, are members of either its Vorstand 
or Supervisory Board. Accordingly the transaction is deemed to be a related 
party transaction for the purposes of AIM Rule 13. 
 
 
 
Shirtinator has performed ahead of expectations at the time of getmobile's 
original investment with unaudited revenues for the 6 months to 30 June 2009 of 
EUR1.86m and unaudited operating profits of approximately EUR146,000.  Shirtinator 
had net cash balances at that date of approximately EUR800,000 providing the 
balance sheet strength to finance its continued anticipated growth   getmobile 
believes that this trading performance reflects, inter alia, the benefit of 
getmobile's expertise in the use of television advertising and other media to 
generate increased business for Shirtinator. 
 
With the exception of any director who is involved in the transaction as a 
related party, getmobile's directors consider, having consulted with Davy 
Corporate Finance, its nominated advisor, that the terms of the transaction are 
fair and reasonable insofar as its shareholders are concerned. 
 
 
It is not anticipated that the additional investment in Shirtinator will have a 
material impact on the results of getmobile for the year ended 31 December, 
2009. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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