(Adds details on share-based payment and impairment expenses, IBG trading,
share movement)
LONDON (Thomson Financial) - TMN Group PLC, the online direct marketing
group, said it has made an agreed all-share bid for Internet Business Group PLC
(IBG).
The bid is worth 9.84 mln stg or 12.75 pence per share based on yesterday's
closing prices of the two companies and represents a nil premium to IBG's
closing price.
TMN said it has offered one new share of TMN for every 3.765 share of IBG
held.
TMN has got irrevocable undertakings in favour of the bid in respect of
37.35 mln IBG shares, representing about 48.39 pct of the company's capital.
Separately, IBG said its full-year pretax profit before exceptionals rose to
1.56 mln stg from 1.21 mln stg last year, as revenues grew 23 pct to 16.44 mln
stg.
However, full-year pretax profit declined to 922,000 stg from 1.09 mln stg
mainly due to higher share-based payment, and impairment and amortisation
expenses.
During the period, share-based payment rose to 105,000 stg from 25,000 stg,
while impairment and amortisation expenses increased to 258,000 stg from 97,000
stg.
IBG chairman Maziar Darvish said that trading since year-to-end has been in
line with management expectations.
At 8.44, TMN shares were up 2.60 pct to 49.40 pence on the AIM market.
tf.TFN-Europe_newsdesk@thomson.com
jjo/pmi/ak/jjo/pmi/lht
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|