Acquisition

ITE GROUP PLC 17 September 1999 ITE Group Plc ('ITE' or the 'Company') Acquisition of a 70% shareholding in M.E.C. Mediterranean Exhibitions & Conferences Limited ('MEC') ITE, the international exhibition organiser, is pleased to announce that on 16 September 1999 it acquired, through its wholly owned subsidiary, International Trade and Exhibitions (ITE) Worldwide BV ('ITE Worldwide'), a 70% shareholding in MEC from Karim Halwagi for an initial cash consideration of US$420,000. This consideration will be adjusted if the profit before tax for the year ended 31 December 1999 is less than US$150,000 such that any shortfall will be repaid to ITE Worldwide based on a multiple of four. ITE has granted a put option to Mr. Halwagi to sell his remaining 30% shareholding at any time after the third anniversary of this agreement for consideration to be calculated as a multiple of seven times the pre-tax profits for the preceding year. MEC currently organises two exhibitions, one in building and construction and the other in internet and information technology. Both these exhibitions are held in Cairo, Egypt. It is intended that MEC will become ITE's acquisition vehicle in the Middle East utilising Mr. Halwagi's experience and contacts. Lawrie Lewis, Chairman and Chief Executive of ITE, commented: 'The acquisition of a majority shareholding in MEC represents ITE's first step in the development of its operations in the Middle East. Through Karim and MEC, ITE is looking to enter into joint ventures with other exhibition organisers in the region where we believe that ITE can add value to their businesses.' For further information, please contact: Lawrie Lewis ITE Group Plc 07771 535 332 Chairman and Chief Executive 0171 596 5000 Odette Jonkers ITE Group Plc 0171 596 5000 Press Office Isabel Petre Buchanan Communications Ltd 0171 466 5000

Companies

Hyve Group (HYVE)
UK 100

Latest directors dealings