IG Design Group PLC Exercise of put option in Anker Play Products (5215M)
May 24 2022 - 5:12AM
UK Regulatory
TIDMIGR
RNS Number : 5215M
IG Design Group PLC
24 May 2022
24 May 2022
IG Design Group plc
('Design Group' or the 'Company')
Exercise of put option in Anker Play Products
IG Design Group plc announces the purchase of the remaining 49
per cent of the membership units in its subsidiary Anker Play
Products, LLC ("APP"), bringing its total ownership to 100 per
cent. This was completed pursuant to the exercise of a put option
by Maxwell Summers, Inc., the holder of the 49 per cent membership
unit interest, which the Group is legally obliged to purchase with
the exercise of the put option under the APP limited liability
company agreement dated March 30, 2017. The transaction was
contractually committed on 23 May 2022, with an effective date of 1
April 2022.
The transaction, made through IG Design Group plc's American
subsidiary IG Design Group Americas, Inc. is satisfied with an
initial cash payment of $1.5 million with the final cash payment
subject to finalisation of APP's financial results to 31 March
2022. The Directors anticipate this payment to be c.$1.6 million.
The consideration will be satisfied from the existing Group
facilities of the Company.
APP develops and sources crafts, toys and games for the US
retail market. APP generated a profit before tax of $1.8 million on
revenue of $21.1 million in the year to 31 March 2021. APP had net
assets as at 31 March 2021 of GBP1.6 million. The financial results
of APP have historically been fully consolidated within the
financial results of Design Group and as such the Directors
anticipate that this transaction will have no material impact on
the future reported financial results of the Group other than a
reduction in the minority interest charge in the Group income
statement.
For further information, please contact:
IG Design Group plc Tel: +44 (0)1525 887310
Giles Willits, Director
Canaccord Genuity Limited (NOMAD and Tel: +44 (0)20 7523 8000
Broker)
Bobbie Hilliam - NOMAD
Alex Aylen - Sales
Alma PR Tel: +44 (0)20 3405 0205
Rebecca Sanders-Hewett
Susie Hudson
Sam Modlin
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END
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