RNS Number : 6870P
Chime Communications PLC
26 October 2012
Chime Communications PLC
("Chime" or the "Company")
Proposed acquisition of Complete Leisure Group Limited (CLG) and appointment of Lord Coe as Chairman of CSM Sport & Entertainment (CSM)
At its meeting today, the Board expressed its disappointment at the unauthorised release of confidential information to the press with regards to the negotiation of a proposed transaction with Lord Coe.
Following the board meeting, Chime, the international communications and sports marketing group, is delighted to announce it has entered into an option agreement with Lord Coe whereby on exercise of the option it would acquire Lord Coe's 93% interest in CLG.
CLG owns the rights to all Lord Coe's income streams over the next fifteen years. Primarily, these income streams constitute commissions, royalties and consulting income. Lord Coe is one of the most high profile figures in world sport and the proposed acquisition of CLG will assist CSM Sport & Entertainment in its ambition to become one of the top three sports and entertainment businesses in the world.
It is intended that Lord Coe will be appointed Executive Chairman of CSM on completion of the acquisition of CLG in January 2013. On exercise of the option Chime will pay an initial £1.5 million in cash together with deferred consideration payable over the period to March 2017 on the achievement of various financial targets. On completion of the transaction, the current CSM Chairman, Alan Pascoe, will become President of CSM.
Christopher Satterthwaite, Chief Executive of Chime Communications, commented:
"Lord Coe is a hugely respected figure in the global sports market and he will bring enormous value to CSM's international capabilities."
Lord Coe said:
"I am delighted to be joining such a dynamic group with such a breadth of sporting interests and skills. I hope my experience will help develop this exciting new business and I am looking forward to the challenge."
Jim Glover, Group Chief Executive of CSM, said:
"We are entering an exciting new phase in our evolution at CSM and I can think of no-one in the world better than Lord Coe to help us continue to build on our existing success."
Chris Satterthwaite, Chief Executive 020 7861 8515
James Henderson / Victoria Geoghegan 020 7861 3232
Pelham Bell Pottinger
NOTES TO EDITORS
Chime is an international communications and sports marketing group, including CSM , the VCCP Partnership in advertising, the Good Relations Group in public relations, Open Health in healthcare communications, Teamspirit a specialist in financial and professional services and CIE our insight and engagement agency.
For more information please go to www.chimeplc.com
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