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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Burst Med Reg S | LSE:BRST | London | Ordinary Share | COM SHS USD0.01 (REGS) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBRST RNS Number : 9747L Burst Media Corporation 21 January 2009 21 January 2009 Burst Media Corporation Trading update and Intention to repurchase shares Burst Media Corporation ("Burst" or the "Company"), the international online advertising services company, today announces an update on trading for the year ended 31 December 2008 and the intention of the Company to repurchase for cancellation Burst common shares of US$0.01 each ("Burst Shares") with an aggregate market value of up to US$500,000. Trading update The Board is pleased to report that it expects the Company's full year revenue will be broadly in line with the guidance provided in the trading update announced on 24 July 2008 and that it will at least break even on an adjusted EBITDA* basis. The Board considers this to be a satisfactory outcome in light of the challenging economic environment, especially during the fourth quarter. The Company has maintained a strong cash position with over $10.6 million net cash balances at the year-end. The Company expects to announce its preliminary results for the year ended 31 December 2008 on 8 April 2009. *earnings before interest, taxes, depreciation and amortization and excluding restructuring charges, strategic review expenses and equity-based compensation Strategic review update On 14 December 2007, the Board announced a strategic review to explore ways to maximise value for the Company's shareholders, including the potential sale of the Company. However, the challenging economic environment undoubtedly impacted upon and extended the process undertaken by the Company in this regard and the Company did not receive any indications of interest that, in the opinion of the Board, would have created appropriate value for Burst shareholders. After careful consideration, the Board has decided that, in view of its current trading performance and strong balance sheet and the challenging macro economic climate, selling the Company at this time would not be in the best interest of Burst shareholders. The Board has, therefore, decided to discontinue its proactive efforts in this regard and to focus on the ongoing development of the Company. The Board believes that opportunities exist for the Company to take advantage of its relative strength to add critical mass to its businesses and to generate shareholder value. The Board is exploring a number of opportunities in this regard, including potential acquisitions in the US and the UK. Burst Share repurchases Having considered its plans for the ongoing development of Burst, the illiquidity of the Company's shares and the requirement for prudence in the current economic climate, the Board has resolved that the Company should be authorised to make on-market purchases of Burst Shares ("Repurchases") with an aggregate market value of up to US$500,000. It is intended that any Burst Shares purchased pursuant to this authorisation will be cancelled. The Board has appointed a committee to oversee the Repurchases and has imposed the following parameters: * Repurchases should only be effected when the Company is not in a 'close period' - in this regard the Company notes that a close period will commence on 8 February 2009 (two months ahead of its 2008 results announcement); * The price paid per Burst Share should be no higher than five per cent above the average closing market price of a Burst Share for the five business days prior to the day any Repurchase is made; and * Repurchases should be notified by the Company without delay. For the avoidance of doubt, the Company will not repurchase any Burst Shares from members of the Board. It should be noted that the City Code on Takeovers and Mergers does not apply to the Company. Jarvis Coffin, Chief Executive Officer of Burst, commented: "The improvements we made to our operations over the past eighteen months were instrumental in allowing the Company to record a satisfactory trading performance in the second half of 2008. We believe that Burst Media is now a stronger, more robust business, better placed to weather the uncertain economic conditions ahead. "We are pleased to be in a position to return some capital to shareholders (albeit a modest amount), whilst retaining both a prudent balance sheet and the flexibility to take advantage of identified opportunities to grow." Enquiries +------------------------------------+------------------------------------+ | Burst Media Corporation | | +------------------------------------+------------------------------------+ | Jarvis Coffin, Chief Executive | Tel: +1 781 852 5271 | | Steve Hill, Chief Financial | | | Officer | | +------------------------------------+------------------------------------+ | | | +------------------------------------+------------------------------------+ | Hudson Sandler | | +------------------------------------+------------------------------------+ | Nick Lyon / James White | +44 (0) 20 7796 4133 | +------------------------------------+------------------------------------+ +------------------------------------+------------------------------------+ | Altium | | +------------------------------------+------------------------------------+ | Tim Richardson / Paul Chamberlain | +44 (0) 20 7484 4040 | +------------------------------------+------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCBBLLLKFBXBBX
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