GGT to pay pounds 96m for ad group
Tuesday 04 March 1997
GGT accompanied the deal with a placing and open offer priced between 220p and 280p a share to raise pounds 55m, and an announcement that profits for the half year to last October rose from pounds 2.9m to pounds 3.4m before tax. The interim dividend rises from 2.1p to 2.3p.
Further funding for the deal will come from a pounds 67m new medium-term multi- currency credit facility arranged through ING Barings.
Part of the facility will also be used to repay bank debt currently provided by a syndicate of banks to BDDP and amounts currently outstanding under a revolving credit facility currently provided to GGT by Bank of Scotland.
It is expected that completion of the acquisition will occur and that dealings in the existing ordinary shares and the new ordinary shares will commence on 3 April.
GGT said that to attract and retain clients in an increasingly global market, it was important to strengthen the group's international presence. For the year ended December 31 1995, BDDP's consolidated revenues were approximately Fr1.14bn (pounds 123m).
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Douglas Carswell tells Ukip to stop blaming foreigners as youth poll shows Nigel Farage is even less popular than Nick Clegg
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...