Board Changes and Placing
14 December 2006 - 10:35PM
UK Regulatory
RNS Number:8936N
Deal Group Media PLC
14 December 2006
Press Release 14 December 2006
Deal Group Media plc
("dgm" or "the Company")
Board changes and Placing
DGM returns to growth strategy following consolidation phase
Deal Group Media plc, a leading independent online marketing group, announces
that the Board has, with immediate effect, appointed Adrian Moss, the Company's
founder, as Chief Executive Officer. He is currently a Non-Executive Director.
The Board believes that Adrian's appointment will return the Company to a period
of growth following 12 months of consolidation and rationalisation. Adrian, a
Chartered Accountant, originally launched the business in 1999.
Andrew Dickson, former Finance Director and current CEO, is stepping down from
the Board. The Company is currently looking to appoint a Chief Financial
Officer to strengthen the Board.
In order to pursue ongoing growth the Company announces that it has raised
approximately #1 million via a placing of 38,181,818 new ordinary shares at 2.75
pence per share.
Discussions have ceased with all parties regarding any potential offers for the
entire issued share capital of the Company. The Board received a number of
proposals, reaching various stages of discussion. The Board is confident that
pursuing the Company's own growth strategy should deliver superior returns for
shareholders.
The Company reports that Trading for 2006 is in line with market expectations
and that, following the appointment of Adrian Moss, dgm is currently reviewing
its strategy for 2007 and will report this to the market in the early 2007.
dgm Chairman John Porter said: "Adrian took dgm from a concept to a significant
business and he remains an acknowledged authority on the on-line market. On the
back of dgm's initial success in Asia-Pacific, Adrian has developed a strategy
for the group to expand its operations in this region whilst also rolling out
delivery across the developed European markets.
"During his tenure Andrew Dickson has built a solid foundation on which the
Company can now build and the Board is very grateful both for the stabilisation
and development of our technology platform that Andrew has led and for the
significant cost restructuring that he has completed."
Application will be made for the 38,181,818 new ordinary shares to be admitted
to trading on AIM. Admission is expected to become effective on 21 December
2006.
The placees include Adrian Moss and Cognition Capital, the latter being an
entity in which John Porter, Chairman, has a beneficial interest. The amount of
their investment and resultant interests are as follows:
Number of new ordinary shares Resultant interest Percentage
Adrian Moss 9,090,909 53,510,053 12.79
John Porter 18,181,818 103,237,178 24.69
The participation of Adrian Moss and Cognition Capital in the Placing is a
related party transaction for the purposes of the AIM rules. In the opinion of
the independent Directors (that is all Directors other than Adrian Moss and John
Porter) having consulted with the Company's Nominated Adviser, Evolution
Securities, such participation in the Placing is fair and reasonable insofar as
dgm's shareholders are concerned.
There is no specific disclosure required under Schedule Two paragraph g of the
AIM rules.
For further information, please contact:
Deal Group Media plc
John Porter, Chairman Tel: +44 (0)20 7398 7700
Abchurch Communications
Charlie Jack/Franziska Bohnke Tel: +44 (0) 20 7398 7700
charlie.jack@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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