ACQUISITION
10 11월 2008 - 4:01PM
UK Regulatory
ACQUISITION
For Immediate Release 10 November 2008
Essentially Group Limited
("Essentially" or the "Company")
ACQUISITION OF RUGBY PLAYER MANAGEMENT BUSINESS IN SOUTH AFRICA
Essentially Group Limited ("Essentially" or the "Group"), the AIM
listed full service sports marketing, media, management and
professional services Group, today announces that it has acquired the
management contracts and management team of 40 South African rugby
players (the "Acquisition").
About the Acquisition
Essentially's South African subsidiary ("Essentially South Africa")
is currently the sole contracted commercial advisor to the South
African Rugby Players Association ("SARPA"). The Acquisition
compliments its existing rugby client base by adding the management
contracts and management team of 40 rugby players, including current
South African international rugby union players ("Springboks") Victor
Matfield, Juanne Smith, Francois Steyn, Johann Muller, Albert van der
Berg, Bismarck du Plessis, Heinrich Brussow, Jannie du Plessis and
six further South African players playing internationally including
CJ van der Linde at Leinster, all adding to Essentially South
Africa's current roster of leading South African players.
All of the client players managed by Essentially South Africa are
forward contracted for at least one season and most for more than two
seasons. This gives great visibility to the business consistent with
Essentially's aims in this area, but also gives the Group a presence
with size and quality in South Africa and further strengthens
Essentially's leading position in rugby and cricket, both sports
which are rapidly developing commercially.
Stephan Weyers and Gerrie Swart, the two qualified sports lawyers who
originally established and managed the players, will head up
Essentially's rugby and cricket athlete management business in South
Africa, a role that they historically performed part time whilst
practising as sports lawyers.
Consideration for the Acquisition
The total consideration is 4m South African Rand (approximately
�258,000) paid in full on completion. The consideration is to be
settled as to ZAR 3m in cash and ZAR 1m in new ordinary shares in
Essentially Group ("Ordinary Shares") at 9.2p. The total
consideration is 4x warranted EBIT and will be immediately earnings
enhancing to shareholders of Essentially. Furthermore, the Group
will gain the added benefit of international placement income staying
within the Group allowing Essentially to gain further critical mass
in professional rugby.
Application has been made for 701,262 Ordinary Shares to be admitted
to trading on AIM, which is expected to commence on Tuesday 11
November 2008.
Commenting on the acquisition, Bart Campbell, CEO of Essentially,
said:
"We are delighted to welcome Stephan and Gerrie to Essentially.
Their experience, expertise and knowledge of the industry in South
Africa will be invaluable to the Group going forward. The
acquisition is timely in view of the British Lions Tour in 2009 for
which we are the exclusive commercial agency and further underpins
Essentially's strategy of providing a broad range of services to our
clients in our core sports. The acquisition of the management
contracts and team gives us further presence in a proud sporting
nation and, with the help of Stephan and Gerrie, we look forward to
growing the business rapidly and profitably over the coming years."
Stephan Weyers, Director of Essentially SA, commented:
"We are delighted to become a part of Essentially and provide our
clients with the Group's unrivalled global reach in rugby union.
South Africa will be at the heart of some of the leading sporting
events over the coming 2 to 3 years and we believe it is key to have
access to Essentially's services and global reach. This transaction
catapults our business to the next level and we look forward to
working with Bart and his team to execute on the significant number
of opportunities in South African sport."
For further information please visit http://www.essentiallygroup.com
or contact:
Essentially Group Buchanan Communications Cenkos Securities
Limited
Bart Campbell, Group CEO Bobby Morse Beth McKiernan
Tel: +44 (0)20 7820 7000 Christian Goodbody Tel: +44 (0)20 7397
Ben Romney 8927
Tel: +44 (0)20 7466 5000
Notes to Editors:
About Essentially
Essentially is listed on AIM (RIC: ESN) and is a leading independent
sports marketing, media, management and services agency. The
business is split into three divisions: sports marketing comprising
rights sales, consultancy and events management; athlete management;
and professional services which includes tax, image rights and other
related services. Strong and focussed positioning in its core sports
of expertise including rugby union (clients include the 2009 British
and Irish Lions, the Magners League, Rugby World Cup 7's 2009, Welsh
Rugby Union) and cricket (clients include all Test Match Grounds,
MCC, the Professional Cricketers Association) provide a strategic
platform for growth and market expertise. Essentially also enjoys a
strong reputation in Formula One motorsport working for and with the
ING Renault team and Red Bull racing.
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Essentially (LSE:ESN)
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