We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ite Group Plc | LSE:ITE | London | Ordinary Share | GB0002520509 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.50 | 82.30 | 82.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMITE
RNS Number : 4790R
ITE Group PLC
09 December 2016
Not for publication, distribution or release directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or Republic of South Africa or in any other jurisdiction in which offers or sales would be prohibited by applicable law.
This announcement is not an offer to sell or a solicitation to buy securities in any jurisdiction, including the United States, Australia, Canada, Japan or Republic of South Africa. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
9 December 2016
ITE Group plc
("ITE" or the "Group")
Completion of acquisition of 70% stake in Shanghai Gehua exhibition portfolio
As announced at the time of its interim results, the Group agreed terms to acquire a 70% stake in a small Shanghai-based business running a portfolio of complementary exhibitions.
Today, ITE Asia Exhibitions Limited, a wholly owned subsidiary of ITE, announces that it has received approval from the Chinese Government which signals the completion of this transaction to purchase (i) 70% of the issued share capital of Shanghai ITE Gehua Exhibitions Co Ltd, an exhibition organiser based in Shanghai, and simultaneously (ii) 70% of the issued share capital of ITE Gehua Exhibitions Co Ltd, based in Hong Kong ("Transactions").
Founded in 2001, Shanghai Gehua run a portfolio of exhibitions in China spanning Textile and Clothing, Auto Parts and Accessories, Mechanical Equipment, Gifts, and Food - attracting both domestic and international exhibitors and visitors.
The aggregate initial consideration payable for the Transactions is GBP9.2 million, to be satisfied by the aggregate payment of GBP5.7m cash and the aggregate issue of 2,299,379 ordinary shares of GBP0.01 in ITE ("Consideration Shares"). The Consideration Shares will be newly issued into trading. Deferred contingent consideration, capped at GBP2.6 million (at today's exchange rate), will be payable in 2017 based on audited financial performance in the year ending 31 December 2016.
Application has been made to the Financial Conduct Authority for the Consideration Shares to be admitted to the Official List, and to the London Stock Exchange for the Consideration Shares to be admitted to trading. Dealings in the Consideration Shares are expected to commence on Thursday 15 December 2016.
Following admission, the issued share capital of ITE will be 264,439,052 ordinary shares of GBP0.01 each.
The figure of 264,439,052 should be used as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Enquiries:
ITE Group plc +44 20 7596 5000
Mark Shashoua
Andrew Beach
Numis +44 20 7260 1000
Nick Westlake
Toby Adcock
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFVFALAIIR
(END) Dow Jones Newswires
December 09, 2016 08:31 ET (13:31 GMT)
1 Year Ite Chart |
1 Month Ite Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions