TIDMFUTR
RNS Number : 5485P
Future PLC
11 October 2019
11 October 2019
Future plc
Accelerates Mobile Nations earnout payment
The Board of Future plc (LSE: FUTR, "Future", "the Group"), the
global platform for specialist media, today announces that it has
accelerated the payment of earnouts to the management team of MoNa
Mobile Nations ("Mobile Nations"), the leading global digital
publisher focused on consumer electronics based in the US that
Future acquired in March 2019. This move recognises the achievement
of certain financial targets ahead of the anticipated timeframe and
will enable the businesses to work together to deliver additional
benefits across the combined businesses.
Future acquired Mobile Nations for an initial cash consideration
of $55 million with a further $5 million in new ordinary shares. In
addition, a further variable deferred consideration up to a total
value of $60 million was agreed, subject to meeting financial
targets based on the year ending 31 March 2020.
With the attainment of the financial targets for the year ended
March 2020 likely to be above the top end of earn out range, the
parties have agreed to accelerate the earnout payment, based on
assuming the achievement of $11.5 million Ebitda for the period.
This has resulted in deferred consideration of $55 million becoming
payable. It will be split equally between cash and the issuance of
new shares in Future.
The cash will be paid on the 28 February 2020, and 1,792,534 new
shares will be issued to management representing the balance of the
payment (the "Consideration Shares"). The Consideration Shares will
be subject to customary six month lock up apart from a requirement
to pay taxes due in January 2020 arising from this issuance capped
at 20%.
The management team of Mobile Nations is excited to continue to
work with Future following the payment of the deferred
consideration and Mobile Nations will be run within the newly
created Future Labs division, which Marcus Adolfsson will lead.
Future Labs is the newly created internal division which will work
to enable a dedicated focus on internal innovation from within our
organic business with the goal of integrating proven new
initiatives, businesses, tools and processes into Future once they
have reached a suitable level ofmaturity.
Mobile Nations is a global digital publisher focused on consumer
electronics, combining content, community and commerce to deliver
shopping enablement solutions, with its key brands including
Android Central, iMore, Windows Central and Thrifter. Mobile
Nations' brands educate and inspire a monthly audience of over 40
million technology enthusiasts and support consumers in making
better-informed buying decisions for personal electronics. The
strong performance in the last 8 months has been a result of a
continuation of their strategy to help buyers with purchase
decisions, including material growth in their affiliate marketing
revenues.
Zillah Byng-Thorne, CEO of Future, commented:
"Mobile Nations has delivered a stellar performance since we
acquired the business in March this year, significantly beating the
targets that were set at the time of the acquisition. We have
therefore decided to accelerate the earnout payments that are due
to the management team so that the businesses can work together to
deliver additional benefits across the Future group.
"The brands we acquired with Mobile Nations have substantially
strengthened our market leading position in technology and deepened
our presence in the US market. We are delighted that the team has
committed to remain within Future to further leverage the
complementary mix of content, community and commerce of the Mobile
Nations brands, as we continue to expand our opportunities to
monetise our significant US online audience."
Marcus Adolfsson, SVP of Future Labs said:
"The new Future Labs division will capture the entrepreneurial
spirit that has made Mobile Nations successful, and we are excited
to leverage Future's scale to amplify the returns from our
innovative products and services."
In relation to the Consideration Shares, applications have been
made to the Financial Conduct Authority for admission of the
Placing Shares to the premium listing segment of the Official List
of the Financial Conduct Authority and to London Stock Exchange plc
for admission to trading of the Placing Shares on its main market
for listed securities (together, "Admission") and Admission is
expected to take place at 8.00 a.m. on 15 October 2019.
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, following this issue, the Company's issued
share capital consists of 85,387,955 ordinary shares of 15 pence
each. The Company currently holds 0 ordinary shares in treasury.
Therefore, following this issue, the total number of issued shares
with voting rights in the Company is currently 85,387,955.
The figure of 85,387,955 ordinary shares should be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Enquiries
Future plc 01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
020 7457
Instinctif Partners 2020
Kay Larsen, Chantal Woolcock
About Future
Future is a global platform business for specialist media,
driven by technology, with diversified revenue streams.
The Media division has three complementary high-growth revenue
streams: eCommerce, events and digital advertising. It operates in
a number of sectors including technology, gaming and entertainment,
creative and photography, music, home interest, hobbies and B2B and
its brands include TechRadar, PC Gamer, Tom's Guide, Homebuilding
& Renovating Show, GamesRadar+, The Photography Show, Top Ten
Reviews, Live Science, Android Central, Guitar World, MusicRadar,
Space.com, NY TV Week, Creative Planet Network, Tom's Hardware and
Cyclingnews.com.
The Magazine division focuses on publishing specialist content,
with 80 publications and over 537 bookazines published per year,
totalling global circulation of 1.2m. The Magazine portfolio spans
technology, gaming and entertainment, music, creative and
photography, hobbies, home interest and B2B. Its titles include
Classic Rock, Guitar Player, FourFourTwo, Homebuilding &
Renovating, Digital Camera, Guitarist, How It Works, Total Film,
What Hi-Fi?, ProCycling, Broadcasting & Cable, Multichannel
News, AV Technology and Music Week.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
October 11, 2019 02:00 ET (06:00 GMT)
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