(Update adds Tinopolis earnings, Tinopolis chairman comments)
LONDON (Thomson Financial) - Television production company Tinopolis Plc.
said it has agreed on a recommended cash offer of 45 pence a share by red Dragon
Acquisitions, a newly incorporated company controlled by investment partnerships
advised by private equity group Vitruvian Partners.
The offer by Red Dragon values Tinopolis at about 44.7 million pounds and
the offer price represents a premium of 32.4 percent to Tinopolis' closing share
price of 34.0 pence on May 8.
The executive managers of Tinopolis will remain in place to operate the
company after the takeover on the basis of their current service contracts and
subject to certain agreed amendments.
Tinopolis, which produces Question Time and the Ashes coverage, also said it
is well placed for the financial year 2008 with trading in the current year to
date being in line with management expectations.
For the financial year ending September 2007, Tinopolis reported a 40
percent increase in turnover to 66.0 million pounds, with pretax profit of 2.56
million pounds.
Tinopolis chairman Ron Jones said: "In Vitruvian we have found the right
partner for the next stage in this company's development. There are many
opportunities out there and my entire team is enthusiastic about the future and
what this partnership can achieve."
lorraine.turner@thomsonreuters.com
tsm/sal/jag/ks/sal
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