Outdoor contractor Vision Media Group, the firm that last week revealed it had signed a multi-million pound agreement with Clear Channel, has sold its TrainFX transport division to New Planet for £1.5m.
VMG: on track
The deal is a cash, loan notes and share funded acquisition that will see VMG secure a non-refundable deposit of £50,000 upfront, while taking a tranche of shares that account for 25% of New Planet’s total issued share capital. VMG’s chairman, Mike Cottman, will also gain a 25% stake in the firm.
In a statement to the AIM market, David Brookman, VMG’s CEO, said that the deal provided the group with a return that exceeded the group’s investment in the division so far.
He also referred to the transport sector as “a major, but as yet unfulfilled” commercial opportunity.
In VMG’s last financial report, for the six months ending June 2007, TrainFX made a net loss of £294,994 on turnover of £10,100. The division had gross assets of £552,835, gross liabilities of £1,916,864 and net liabilities of £1,069,035.
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