News blog
UBC Media
- BY: Andrew Hore |
- POSTED: 15/07/2008 |
- COMMENTS: Add yours
UBC Media has revised the terms of the potential sale of its commercial division.
In May it signed a letter of intent with Nasdaq-quoted Global Traffic Network Inc for the sale of the commercial division, which provides traffic news and other information, for £15m, with £1m possibly in GTN shares. The revised deal is £11m in cash up front and a potential earn-out of up to £5.5m based on turnover in the 12 months after the disposal. The division generated revenues of more than £11m last year and contributed a profit of nearly £1m.
UBC chief executive Simon Cole admits that there are “testing conditions in the advertising marketplace” and this is likely to be behind the change in terms. There is no indication of what turnover levels have to be achieved to trigger the full earn-out. UBC could end up receiving less than the original £15m sale price.
The deal may not be completed until October. GTN still has to complete its due diligence. UBC shareholders also have to approve the sale. GTN has already deposited £350,000 in an escrow account.
The news didn’t harm the share price, which held steady at 7.875p.
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