Progressive Digital Media To Buy GlobalData, Change Name (ALLISS)

LONDON (Alliance News) - Progressive Digital Media Group PLC Wednesday said it has agreed to buy ...

Alliance News 23 December, 2015 | 7:56AM
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LONDON (Alliance News) - Progressive Digital Media Group PLC Wednesday said it has agreed to buy GlobalData Holding Ltd in an all-share deal that values GlobalData at around GBP66.5 million, whilst simultaneously selling its Progressive Trade Media Ltd business.

It will pay the consideration for GlobalData, a company which is owned by Progressive Digital's Chairman Mike Danson and Wayne Lloyd, through the issue of 26.08 million shares, based on its closing price of 255 pence last Thursday. Shares in the company closed at 265.00 pence Tuesday.

Progressive Digital will simultaneously sell Progressive Trade Media, which holds its non-core business to business assets to Research Views Ltd, a company also owned by Danson and Lloyd, for GBP1 million, together with the assumption of an inter-coming loan of GBP4.5 million.

Following completion of these deals, the company plans to change its name to GlobalData PLC. It also intends to appoint Bernard Cragg as its chairman, Danson as its chief executive officer, and current Chief Executive Officer Simon Pyper as chief financial officer.

The acquisition and sale is conditional on shareholder approval at a general meeting to be held January 19.

"These transactions represent a major step in our strategy to transform Progressive Digital Media into a leading player in three key global business information verticals, Consumer, Information Communications Technology and Healthcare. The market outlook for business information is encouraging, presenting the Company with real and achievable opportunities for profitable growth," Cragg said in a statement.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Progressive Digital Media Group PLC 597.50 GBX 0.00 -
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