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Freshwater UK

  • BY: Andrew Hore |
  • POSTED: 01/04/2010 |

PR firm Freshwater UK is raising £618,000 via an open offer in order to finance the purchase of Profile Plus (UK).

The one-for-five open offer is at 20p a share. The current market price is 19.5p a share, which values the existing share capital at £3.01m.

Hillco Investments, which is owned by David Howell the brother of Freshwater’s chief executive, will acquire 2m of the shares, subject to claw back. Hillco currently owns 3.98% of Freshwater.

Edinburgh-based PR agency Profile Plus was founded in 1997. The core client base is made up of leisure and drinks companies. This will enhance Freshwater’s position in these sectors as well as in Scotland. An initial £160,000 has been paid in cash and shares – at 19.78p each. Deferred consideration of up to £220,000 will be payable depending on profits in the next two years.

Trading has been improving at Freshwater although first half EBITDA will be slightly lower than in 2008-09. Cost savings will help the second half. 

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