XLM Xlmedia Plc

TIDMXLM

RNS Number : 6098R

XLMedia PLC

15 September 2014

 
For                                                                                                                          15 
immediate                                                                                                                    September 
release                                                                                                                      2014 
 

XLMedia plc

("XLMedia" or "the Group" or "the Company")

Acquisition of additional interest in Joint Venture

XLMedia (AIM: XLM), a leading provider of digital performance marketing services, is pleased to announce that it has agreed to acquire an additional 21% in the Joint Venture which operates the Group's Finnish websites (the "JV"), for a cash consideration of US$1.49 million. The acquisition will take XLMedia's holding in the JV to 93% (previously 72%).

Finland is one of the Group's primary markets for content and search where it currently provides its services through this exclusive contractual joint venture. XLMedia is already responsible for the management of the JV and this acquisition will increase the Group's earnings available for distribution to shareholder as dividends in accordance with the Company's stated dividend policy to pay out at least 50% of retained earnings in any financial year. For the 12 months ended 30 June 2014, the JV recorded operating income of US$9.2 million.

The consideration will be payable in cash, with an initial amount of US$0.49 million payable on closing and the remainder due no later than 25 December 2014. Closing is expected on 30 September 2014.

For further information, contact:

 
 XLMedia plc                                      Tel: 020 8817 5283 
  Ory Weihs 
  www.xlmedia.com 
 Buchanan                                         Tel: 020 7466 5000 
  Jeremy Garcia / Sophie McNulty/ Clare Akhurst 
  www.buchanan.uk.com 
 Cenkos Securities plc                            Tel: 020 7397 8900 
  Ivonne Cantu / Callum Davidson 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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