£225M Acquisition of Ginger Media Completed
Scottish Media Group PLC
14 March 2000
SMG Completes Acquisition of Ginger Media
Scottish Media Group plc ('SMG') and Scottish Media Group (Jersey) Limited
('SMG (Jersey)') announce today (Tuesday, 14 March) that they have completed
the acquisition of 100% of Ginger Media Group Limited ('Ginger Media') for an
aggregate consideration of £225 million.
Following completion of the acquisition, all of the 6,637,761 units of
convertible loan stock in SMG (Jersey) issued in connection with the rights
issue and CULS offer, announced on 13 January, 2000, will be redeemed at par
and 6,637,761 ordinary shares in SMG will be issued to holders of such units
in accordance with the terms described in the circular to SMG shareholders
dated 13 January, 2000.
Completion of the acquisition follows confirmation earlier today, from The
Radio Authority, that the acquisition would not be expected to operate against
the public interest. The acquisition previously received the approval of SMG
shareholders at an EGM on 31 January.
Ginger Media is a well-branded, rapidly-growing, national media business
comprising:
- two highly profitable radio licences (Virgin Radio);
- a growing TV programme production arm (Ginger Television);
- an integrated internet service (Ginger Online).
The acquisition will:
- further expand SMG's national media presence;
- extend SMG's interests into radio, the fastest growing UK advertising
medium;
- complement SMG's existing television programme production interests;
- enhance and support SMG's stated internet strategy.
Commenting on the completion of the acquisition, Andrew Flanagan, Chief
Executive of SMG, said:
'The addition of Virgin Radio, Ginger Television and Ginger Online to the
group makes SMG a leading player in UK media. With radio, cinema and outdoor,
we now operate in the three fastest-growing media sectors in the UK.'
Further Enquiries:
SMG
Andrew Flanagan, Chief Executive Tel: 0141 300 3605
Gary Hughes, Group Finance Director
Callum Spreng, Corporate Affairs Director
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