Tarsus Group PLC Option agreement re Tarsus Connect (4676O)
January 30 2019 - 2:00AM
UK Regulatory
TIDMTRS
RNS Number : 4676O
Tarsus Group PLC
30 January 2019
30 January 2019
Tarsus Group plc
Option agreement for outstanding minority interest in Tarsus
Connect LLC ("Tarsus Connect")
Tarsus US Holdings Incorporated, a wholly owned subsidiary of
Tarsus Group plc (LSE: TRS, "the Group", "Tarsus"), today announces
that it has entered into an option agreement ("Option") to acquire
the remaining 19.9% minority interest (the "Interest") in Tarsus
Connect it does not already own from Connect Holdco Inc. ("Connect
Holdco") (the "Transaction").
Tarsus Connect is a leading US business travel and meetings
event company, serving the business travel and meetings sector
through a combination of national, regional and vertically focused
events which are supplemented by an integrated media offering and
additional marketing solutions. Tarsus Connect runs events across
the United States held throughout the year that bring together
meeting professionals and planners with suppliers to the business
travel and meetings sector. The meetings are arranged on an
invitation-only, appointment-based format, which deliver
efficiencies for both suppliers and planners.
The Option is exercisable by either Tarsus or Connect Holdco
during March in any of the years 2022, 2023 and 2024. The exercise
price will be calculated by reference to the prior calendar year
EBITDA performance of Tarsus Connect but is capped at $18.8m (the
"Cap") and is payable in cash. If, as a result of Connect Holdco
exercising the Option, the acquisition of the Interest would result
in the Cap being exceeded then the interest acquired would be
reduced accordingly on a pro-rata basis. The remaining interest
would then be subject to separate negotiation at the sole
discretion of both parties. The Option lapses on 1 January 2025 but
is extendable on the same terms if agreed by both parties.
Connect Holdco is a Related Party to Tarsus under LR 11.1.5R due
to its shareholding in Tarsus Connect and this announcement is made
in accordance with Listing Rule 11.1.10R.
Douglas Emslie, Tarsus Group Managing Director commented:
"Tarsus Connect has proved to be a great acquisition for the
Group and we look forward to expanding and growing the business
further in the years ahead.
"Acquiring outstanding minority interests is a key part of our
"Quickening the Pace 2" strategy and I am delighted to agree this
option arrangement."
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing Director +44 (0)20 8846 2700
Dan O'Brien, Group Finance Director
IR Focus
Neville Harris, Investor Relations +44 (0)79 0997 6044
Notes to editors
Tarsus Group plc. (LSE:TRS) is an international
business-to-business media group with interests in exhibitions,
publishing and online media. The Group operates globally in the US
and Americas, China, Southeast Asia, the Middle East and North
Africa, Turkey and Europe, in key verticals including aviation,
medical, labels and packaging, discount clothing (Off-Price),
travel, housewares and automotive.
Tarsus runs more than 150 events and websites and its flagship
brands include the Labelexpo Global Series in Europe, the Americas
and Asia and the Dubai Airshow.
The Group operates across a worldwide network of offices in
Dublin, London, Jakarta, Milwaukee, Atlanta, Boca Raton (Florida),
Dubai, Shanghai and Istanbul.
For more information visit www.tarsus.com.
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
AGREAEFNALXNEAF
(END) Dow Jones Newswires
January 30, 2019 02:00 ET (07:00 GMT)
Tarsus (LSE:TRS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tarsus (LSE:TRS)
Historical Stock Chart
From Apr 2023 to Apr 2024