ITE Group PLC
25 July 2000
ITE Group plc ('ITE') announces further consideration
stage payment in respect of ACG and ITF International
Trade Fairs Limited ('ACG')
ITE has paid a third stage payment of US$1,386,360, split
US$1,086,360 in cash and the balance by way of an issue
of 276,316 new ordinary ITE shares of 1p each.
Application has been made to the UK listing Authority and
the London Stock Exchange for the admission to listing of
these shares. It is expected that admission will become
effective, and that dealings in these shares will
commence on 26 July 2000.
ITE acquired 50% of ACG, which organises exhibitions in
Cairo, Egypt, in November 1999 based on a valuation of 7
times the average profits after tax for the two years to
31st December 2000. The consideration is payable in four
stage payments. US$1.5 million was paid on completion and
US$2,656,527 was paid in February 2000 in respect of the
profits for the year to 31st December 1999.
The third stage payment relates to the multiple on the
incremental profits for the shows held in period to 31st
March 2000 against the same period for the previous year.
ITE's 50% share of the profit after tax for these shows
during this period was US$479,320.
Lawrie Lewis, Chairman of ITE, said ' We are delighted
with the results of ACG and the level of additional
consideration demonstrates the growth in the
profitability of the 2000 shows. We are looking to
continue growing the current portfolio of events together
with new launches for 2001.'
For further information, please contact :
Buchanan Communications 0207466 5000