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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jaywing Plc | LSE:JWNG | London | Ordinary Share | GB00BF5KDY46 | 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% | 2.70 | 2.50 | 2.90 | 2.70 | 2.70 | 2.70 | 24,138 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Advertising, Nec | 22.57M | -12.83M | -0.1373 | -0.20 | 2.52M |
TIDMJWNG
RNS Number : 6950C
Jaywing PLC
21 October 2020
21 October 2020
Jaywing plc ("Jaywing")
("Jaywing", "the Company" or "the Group")
Exercise and completion of put option in respect of Massive Group Pty Ltd (trading as Jaywing Australia)
Jaywing plc (AIM: JWNG), the UK agency specialising in data science, announces that the two directors of Massive Group Pty Ltd ("Massive Group") in Australia have exercised their put option in relation to the 25% of the shares in Massive Group held by entities controlled by the two directors, and which were not already owned by Jaywing. The purchase of these shares has been completed today, and Jaywing now owns 100% of the shares in Massive Group, which has traded as Jaywing Australia since 2017.
Jaywing and Massive Group Ltd entered into an Agreement on 7 July 2016, whereby Jaywing acquired 75% of the shares of Massive Group, with the remaining 25% subject to a Put and Call Option from July 2020. This 25% stake has now been acquired by Jaywing for a consideration of $4.0m (c.GBP2.2m), comprising $3.0m (c.GBP1.66m) immediately, followed by a series of monthly payments totalling $1.0m (c.GBP0.54m) between now and 30 June 2021. The total consideration for the purchase of the 100% interest in Massive Group is $9.5m (GBP5.4m).
Massive Group's business has grown strongly since 2016 and has more than doubled its EBITDA. This has enabled approximately 93% of the total consideration for the put option to be funded from funds generated in Australia. Massive Group continues to work collaboratively with the UK business on clients and services.
Andrew Fryatt, CEO, commented:
"Since the original agreement in 2016, the management team of Massive Group have very successfully driven both revenue growth and EBITDA performance, building a strong foundation for the future business for the next few years. We are delighted to welcome them fully into the Group, and I know they are committed to continuing this record of growth, trading as Jaywing Australia."
This announcement is released by Jaywing and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Group's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Group by Andrew Fryatt, Chief Executive Officer.
Enquiries
Jaywing plc ( www.jaywingplc.com )
Andrew Fryatt (CEO)
Tel: 0114 281 1200
Cenkos Securities plc
Nicholas Wells/Callum Davidson (Nominated Adviser)
Tel: 0207 397 8900
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(END) Dow Jones Newswires
October 21, 2020 02:00 ET (06:00 GMT)
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