TIDMBOOM
RNS Number : 1230I
Boomerang Plus PLC
09 June 2011
Boomerang Plus plc
('Boomerang Plus' or 'the Company')
Acquisition of factual films business
Boomerang Plus plc (AIM: BOOM), a profitable media group,
announces that it has acquired the trade and certain assets and
liabilities of Oxford Scientific Films Limited ('OSF') (the 'OSF
Business') for a cash consideration of GBP516,250, satisfied from
internal resources (the 'Acquisition').
OSF is a London based BAFTA and Emmy-award-winning producer of
contemporary factual, natural history, science and history
programmes for broadcasters in the UK, Australia and North America.
OSF was one of the first independent production companies in the UK
and was founded in 1968 by a group of Oxford scientists with a
shared passion for technical innovation and natural history.
The Acquisition continues Boomerang Plus' diversification
strategy both in terms of its geographic presence and its customer
base, particularly given the OSF Business's strong links with TV
Networks in North America.
The Acquisition also provides access to an extensive back
catalogue of programming and experience in exploiting programmes
worldwide and strengthens the Company's position in the Factual
genre following the acquisition of Indus Films in October 2009.
The OSF Business was acquired by a company (to be renamed Oxford
Scientific Films Limited) of which Boomerang Plus owns 70% and the
management of the OSF Business own 30%.
For the 18 month period ended 30 June 2010, OSF reported
turnover of GBP3.1m and a loss before tax of GBP0.2m. It is
estimated that in the 12 month period ended 30 June 2010 the OSF
Business generated revenues of GBP2.2m and profit before tax of
GBP0.1m.The value of the net assets being acquired total
approximately GBP0.2m. The Board of Boomerang Plus expects that the
Acquisition will be earnings enhancing in the year ending 31 May
2012.
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus,
said:
"Bringing on board the talent from the Oxford Scientific Films
team is a great boost for Boomerang Plus. Not only does it allow us
to continue to deliver our diversification strategy, in terms of
both geography and customer base, but it strengthens our ability to
exploit programmes to a worldwide audience and fits well with Indus
Films, which we acquired in 2009. This Acquisition allows us to
build on the strong performance of our Advertiser Funded
Programming business and the organic growth seen in Network
productions and positions the Company for long term growth ."
Clare Birks, Chief Executive Officer of Oxford Scientific Films,
said:
"The acquisition backed by Boomerang Plus is very exciting for
the OSF team. The financial and business backing that being part of
the Boomerang Plus Group brings will support our strong and
experienced creative team in growing the business over the next few
years."
Contacts:
Boomerang Plus plc Tel : 029 2055 0550
Huw Eurig Davies, Chief Executive
Officer
Mark Fenwick, Finance Director
Altium Tel: 020 7484 4040
Tim Richardson / Melanie Szalkiewicz
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Paul McManus paul.mcmanus@walbrookpr.com
Paul Cornelius paul.cornelius@walbrookpr.com
About Boomerang Plus plc (www.boomerang.co.uk)
Boomerang Plus plc has strategic investments in a number of
media businesses including production companies Alfresco, Apollo,
Boomerang, Bulb, Fflic and Indus; Facilities companies Mwnci and
Zoom; multi-media publisher Boom Extreme Publishing; talent company
Boom Talent; Event company Big Freeze Limited, and Education and
corporate production business Media4.
Boomerang Plus' strategy is to continue to acquire and invest in
and develop media companies that compliment the Group's existing
businesses, whilst also achieving strong organic growth.
About Oxford Scientific Films (www.oxfordscientificfilms.tv)
Oxford Scientific Films is a BAFTA and Emmy-award-winning
producer of contemporary factual, natural history, science and
history known for outstanding and innovative programmes that
deliver high ratings.
OSF producers have been responsible for a wide range of quality
programming including the global hit series Meerkat Manor (Animal
Planet), Fatal Attractions (Animal Planet), Atom (BBC), Richard E
Grant's History of the Safari (BBC), Impaled! (Discovery Channel US
and Five), Lockdown Oz Maximum Security (National Geographic) and
Saving Africa's Witch Children (Channel 4).
Founded in 1968 by a group of Oxford scientists including Sean
Morris who shared a passion for technical innovation and natural
history. The company was one of the first independent production
companies in the UK and it quickly established itself as a leader
in its field receiving commissions from the BBC, National
Geographic and other major broadcasters for its brilliantly crafted
natural history films. The company went on to win numerous industry
awards including Emmys, Pandas and World Medals.
Clare Birks became Chief Executive of OSF in 2004 and has worked
with the creative team led by Executive Producers Caroline Hawkins,
creator of the award-winning international hit series Meerkat
Manor, and Alice Keens-Soper who won a Bafta in 2009 for Saving
Africa's Witch Children, a Dispatches special for Channel 4,
co-produced with Red Rebel Films, to build a business known for
high quality factual programming.
In 2009 OSF won a Bafta for Saving Africa's Witch Children, a
Dispatches special for Channel 4, co-produced with Red Rebel
Films.
OSF is currently producing Meerkats 3D for National Geographic
and Sky3D, season two of Fatal Attractions for Animal Planet and a
broadcast pilot for BBC1. The company is in funded development for
shows for Channel 4, the BBC and Animal Planet.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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