Chime Communications PLC Acquires ABC Sports Management Limited
Chime Communications plc, the international communications and sports marketing group, announces the acquisition of ABC Sports Management Limited ("ABC"), one of the UK's top athlete management businesses, with particular strength in rugby union.
ABC, which currently manages the careers of several leading players in international rugby including: Brad Barritt, Luke Charteris, Taulupe "Toby" Faletau, Alex Goode, Bryan Habana, Gethin Jenkins, George North, Matt Rees, Chris Robshaw and Marland Yarde, will merge with CSM's Essentially, a leading commercial sales and athlete management agency, with immediate effect.
Chime acquires 100% of the share capital from Christian Abt, Sarah Abt and Stuart Peters. Following completion of the acquisition, Christian will become part of the management of Essentially's athlete management division.
The initial consideration is £810,000 of which 30% will be funded by the issue of 72,196 new Chime ordinary shares. Further deferred consideration may become payable over the period to 2020 depending on the performance of the business. Total consideration is capped at £1.5 million. At Chime's option 30% of the deferred consideration may be satisfied through the issue of new Chime ordinary shares.
Application will be made for the 72,196 new ordinary shares being issued as part of the initial consideration for ABC to be listed on the Official List of the Financial Conduct Authority and to be admitted to trading by the London Stock Exchange on its main market for listed securities. It is expected that dealings in the new ordinary shares will commence on 30th September 2014. The new ordinary shares will rank pari passu with Chime's existing issued shares.
The issued share capital of Chime is currently 99,197,461 ordinary shares, each with voting rights. Therefore following admission of the new 72,196 ordinary shares the issued share capital of Chime on 30th September 2014 will be 99,269,657 ordinary shares each with voting rights.
Christopher Satterthwaite, Chief Executive of Chime Communications, said:
"This acquisition will strengthen CSM's position as one of the leading rugby athlete management businesses in the world."