EQI EQ Grp

RNS Number:1127I
e-quisitor PLC
7 August 2001

7 August 2001



E-QUISITOR PLC

                       ACQUISITION OF BROADNET LIMITED



e-quisitor plc ("e-quisitor"), the AIM listed company established by Gartland
Whalley and Barker plc to acquire controlling interests in profitable
"information-oriented" businesses, today announces the acquisition of the
entire issued share capital of Broadnet Limited ("Broadnet").  Broadnet, based
in Feltham, Middlesex, is a software house specialising in the development of
advertising scheduling systems for commercial radio stations.  Broadnet is the
leading provider of scheduling software to commercial radio stations in the
UK.



The initial consideration, payable on completion, is #1,976,666, of which #
1,050,000 has been satisfied by the allotment of 548,302 fully paid ordinary
shares of 10p each in e-quisitor (the "Initial Consideration Shares"), #
700,000 is in the form of bank guaranteed loan notes and #226,666 has been
paid in cash.  The cash payment reflects underlying net cash in Broadnet at
completion. Application has been made for the Initial Consideration Shares to
be admitted to trading on AIM and dealings in such shares are expected to
commence on Wednesday 8th August.



Further consideration of up to #2,500,000 may be payable in respect of
Broadnet's performance in the periods from 1 July 2001 to 30 June 2002 and 1
July 2003 to 30 June 2004, subject to performance targets being achieved.  Any
further consideration paid in respect of the 12 month period to 30 June 2002
will be satisfied in the form of bank guaranteed loan notes.  Any further
consideration payable in respect of the 12 month period to 30 June 2004 will
be satisfied in e-quisitor shares or bank guaranteed loan notes at
e-quisitor's option.  In the year to 30 June 2000, Broadnet made a profit
before tax of #257,000 and had net assets of #92,000.



Commenting, Bob Bond, Chief Executive of e-quisitor said:



"Broadnet has established a strong position as a software provider to the
commercial radio industry.  It provides e-quisitor with a profitable,
cash-generative platform to address the opportunities presented by digital
radio, whilst at the same time generating recurring revenues from its core
analogue radio customers.



"e-quisitor aims to expand on Broadnet's position in this market by working
closely with management to identify additional acquisition targets with
complementary products that will combine with Broadnet's technology to meet
the future needs of broadcasters as they make the transition to digital radio.



"As this transition (to digital radio) gathers pace, it is the Board's
ultimate intention to leverage the expertise of TVI and other potential
acquisition targets to help commercial radio stations deliver compelling
visual content alongside their existing audio output."



For further information, please contact:



e-quisitor plc

Bob Bond, Chief Executive

Telephone: 01422 301917



Millham Communications Limited

Keeley Middleton

Telephone: 0113 242 1171

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