AUSTRALIA’S 900 DEGREES BUYS HALLMARK EDITIONS FOR $7 MILLION
January 15th 2008 03:17
Australian publishing company 900 Degrees Ltd will acquire all of the issued capital in Hallmark Editions for $7 million
The company said 75 percent of that amount will be payable to the vendors in cash, and the remaining 25 percent payable by issuing to the vendors fully paid ordinary shares in 900 Degrees at the price of the proposed rights issue to be offered to shareholders.
Depending on the proposed rights issue price, the maximum number of shares expected to be issued to the vendors on completion of the acquisition will be $1,735,908 divided by the rights issue share price.
Editions if the EBIT milestone is achieved for the year ending June 30, 2008. The vendors may elect to receive up to 25 percent of their earn out amount in fully paid ordinary shares in 900 Degrees, to be issued at a price to be calculated based on 900 Degrees' volume weighted average price over a certain period prior to the issue.
900 Degrees was formerly known as General Publishers Ltd, and its principal activity is publishing periodicals, journals, and other specialist magazines. The Group's publishing titles include corporate titles, annuals, monthlies, government contracted titles and child safety handbooks. It operates in Australia and New Zealand.
Hallmark Editions produces a variety of quality publications targeted at niche industry sectors.
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