ADVFN Plc Acquires Financemanila.net
ADVFN is pleased to announce that it has entered into an agreement (the 'Asset Purchase Agreement') for the acquisition of the website, financemanila.net for a consideration of PHP6 million payable as PHP2.5 million in cash and PHP3.5 million in new ADVFN shares of 1p each (equating to a total consideration of approximately £92,658.37 based on an exchange rate as at 5 July 2013 of £1 = PHP 64.754, being the latest practicable business day before this announcement). Financemanila.net is a leading Philippine based online investment community website, which has over 2 million page views a month.
Financemanila's websites is very similar to the ADVFN and Investors Hub communities. ADVFN will integrate its renowned premium data offerings with the site while retaining its unique local market approach. This has proved a successful formula in the US, where ADVFN's Investors Hub is one of the foremost stock market information sites in North America.
The Board of ADVFN believes that the acquisition will accelerate ADVFN's growth in thisfast expanding market. With ADVFN's international strategy well established in a range of territories, from the US to Brazil and from Italy to Japan, the Board believes that financemanila.net presents ADVFN with exciting potential in one of the world's most vibrant economies.
"I am delighted to announce the acquisition of Finance Manila which, in my view, is the most exciting trader community in the Philippines. Financemanila.net hosts large, active investor communities, which I believe are a perfect match for ADVFN's premium subscription and advertising offerings. We will use the Investors Hub template we have developed in the US to take the site to the next level and accelerate ADVFN's planned expansion into the fast growing markets of Asia." said Clem Chambers, CEO of ADVFN.
Bruce Sio of financemanila.net said: "Finance Manila is confident that its combination with ADVFN will propel both entities as the premier financial E-hub in the Philippine Stock Market portal."
As a result of the Asset Purchase Agreement, ADVFN announces that it has issued and allotted 1,391,060 new ordinary shares of 1p each. Application to the London Stock Exchange has been made for these new ordinary shares (which rank pari passu with the Company's existing issued ordinary shares) to be admitted to trading on AIM ("Admission"). It is expected that Admission will be become effective and that dealings will commence on 11 July 2013.
Following Admission, the Company's enlarged issued share capital will comprise 630,505,064 ordinary shares. Therefore the total number of ordinary shares with voting rights is 630,505,064. This figure of 630,505,064 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.