Tarsus Group PLC Indonesian Acquisition (6535V)
January 16 2013 - 2:00AM
UK Regulatory
TIDMTRS
RNS Number : 6535V
Tarsus Group PLC
16 January 2013
16 January 2013
Tarsus Group plc
Indonesian Acquisition
Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the
international business-to-business media group, has agreed to
acquire 51% of Indonesian exhibition organiser PT Infrastructure
Asia ("PTIA") from PT Event Pro International (the "Vendor").
PTIA currently owns and organises three annual
business-to-business exhibitions and one seminar series in
Indonesia:
-- IIICE, an international exhibition in Jakarta in November
2013 (third edition), focusing on the development of Indonesia's
infrastructure;
-- IFTS, a series of infrastructure related seminars, that support IIICE;
-- ITMIT, a new launch exhibition and conference in November
2013 which will co-locate with IIICE and focus on the
Telecommunications, Media and IT sectors; and
-- APSDEX, a high level event for the security and defence industry.
Tarsus will pay an initial cash consideration on completion of
US$0.5 million (approximately GBP0.3 million) for the 51% interest,
with estimated total deferred payments of approximately US$2.4
million (approximately GBP1.5 million) in aggregate during 2014 and
2015.
Tarsus and the Vendor have conditional put and call options at
various points in 2016 and 2017 in respect of the outstanding 49%
shareholding in PTIA. The total consideration for 100% of PTIA has
been capped at US$23 million (approximately GBP14 million) (the
"Consideration").
The acquisition provides Tarsus with an important hub in the
fast growing Indonesian exhibition market. It will enable the Group
to develop a range of infrastructure sector exhibitions and provide
a platform with which to launch a number of new exhibitions,
primarily drawing on Tarsus's existing brands. The founders and the
existing management will continue to run the business post
acquisition.
The Consideration will be met from Tarsus's existing cash
resources. It is expected to be earnings enhancing in the current
financial year ending 31 December 2013 and thereafter. For the year
ended 31 December 2011, PTIA recorded an unaudited break even
profit before tax. PTIA's unaudited gross assets as at 31 December
2011 were US$0.1 million (approximately GBP0.1 million).
The acquisition is conditional on normal Indonesian regulatory
approvals and is expected to complete in the first quarter of
2013.
Douglas Emslie, Tarsus Group Managing Director, said:
"PTIA is an excellent fit with our strategic objective of
quickening the pace of our earnings by investing in fast growth
markets.
"PTIA has the leading events serving the Indonesian
infrastructure sector, which is earmarked to receive an
unprecedented $243 billion of investment by 2025.
"The Indonesian market is undergoing a period of rapid change,
with a marked shift away from its historical emphasis on consumer
events towards B2B exhibitions. As a result we would expect PTIA to
experience strong organic growth supplemented by bolt-on
acquisitions."
Exchange rate GBP1 = US$1.60
For further information contact:
Tarsus Group plc
Douglas Emslie, Group Managing Director 020 8846 2700
Dan O'Brien, Group Finance Director
College Hill:
Adrian Duffield/Kay Larsen 020 7457 2020
Notes to editors
Tarsus Group plc (LSE:TRS) is an international
business-to-business media group with interests in exhibitions,
publishing and online media. The Group operates globally in key
verticals including aviation, medical, labels and packaging,
discount clothing (Off-Price), housewares and automotive. Tarsus
runs more than 80 events and websites and its flagship brands
include the Labelexpo exhibitions in Europe, the Americas, India
and Asia and the Dubai Airshow.
The Group operates across a worldwide network of offices in
Dublin, London, Paris, Milwaukee, Boca Raton (Florida), Dubai,
Shanghai, New Delhi and Istanbul. Tarsus is building on its strong
presence in the emerging markets of the Middle East, China, Turkey,
India and South America.
www.tarsus.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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