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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Expomedia Grp | LSE:EXP | London | Ordinary Share | GB0031056673 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5825K Expomedia Group PLC 24 December 2007 24 DECEMBER 2007 EXPOMEDIA GROUP PLC ("Expomedia" or the "Group") Expomedia enters into Agreement with Fortis Bank to Develop Additional Venue Space in Warsaw The Board of Expomedia, the AIM quoted media group with interests in exhibitions, conferences, venue management and related publishing, is pleased to announce it has completed an investment agreement with Fortis Lease Polska Sp. Z o.o. ("Fortis") to develop additional venue space adjacent to its Warsaw Exhibition Venue (Expo XXI). Fortis is the Polish property development division of Fortis Bank, a major European financial institution. Fortis will construct a 4,000 sq meter exhibition and event hall. Following this expansion, the Group's Warsaw venue will have a total of 14,000 square meters of exhibition space. Under the terms of the agreement, Fortis will acquire a 7,800 square meter plot of land owned by the Group for Euro2.4million. Expomedia acquired this land in 2005 at a cost of Euro1.5million. The total cost of the development by Fortis will be capped at Euro8million.A subsidiary of the Group, Warsaw International Expocentre Sp. Z o.o, will then lease the finished venue for 15 years at an annual rent of approximately Euro600,000. At the end of the lease term, the Group can purchase the venue for Euro3.9 million. The proceeds of the disposal of the land will be used to repay existing bank borrowings of Euro1million, and to provide funds for acquisitions and further expansion in the Group's core markets of Russia, India, Germany, Poland and the UK. Commenting on the news Chief Executive of Expomedia, Mark Shashoua said: "We're delighted at this agreement. Expomedia will benefit both from the additional space at its Warsaw venue, and from the proceeds of the disposal, following today's completion with Fortis. "Since joining the EU, Warsaw has experienced a significant increase in demand for exhibition and event space. The existing venue in Warsaw is close to maximum capacity during peak times and this expansion will meet its growing requirement for space." --ENDS-- Enquiries: Expomedia Group Plc Tel: 020 8386 0070 Mark Shashoua Darra Comyn Charles Stanley Securities (Nominated Adviser) Tel: 020 7149 6000 Mark Taylor Freddy Crossley Bishopsgate Communications Ltd. Tel: 020 7562 3350 Dominic Barretto Sophie Davis Notes to Editors Expomedia Group plc is an international, pro-sumer media group with interests in exhibitions, conferences, venue management and related publishing. Expomedia's aim is to acquire, develop and then clone events into its core territories, many of which are in partnership with some of the world's leading media groups. Expomedia currently concentrates on its core territories of Poland, Russia, India, UK, Germany and Hungary and has licensed its brands into Croatia, France, Spain and Serbia. Expomedia Group has publishing interests through its subsidiary Mash Media Group Ltd, publishers of Exhibition Bulletin, Exhibition News, Exhibition World and Conference News amongst others. For more details visit: www.expomediagroup.com This information is provided by RNS The company news service from the London Stock Exchange END MSCDFLFLDLBXFBD
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