IPH Interactve Pros (See LSE:DXR)

    RNS Number : 5980E
  Volvere PLC
  29 September 2008
   

    Acquisition

    Volvere plc ("Volvere" or the "Company"), the turnaround investment company, is pleased to announce the acquisition of certain of the
United Kingdom businesses and assets ("the Business") of Interactive Prospect Targeting Limited and Interactive Prospect Targeting Holdings
PLC (the "Transaction").

    The Business employs approximately 80 staff and is based in London. Its principal activity is the building of large-scale customer
prospect databases through questionnaires completed on web sites operated by the Business. Typically these websites offer prizes for
providing information. The principal website is www.myoffers.co.uk.

    Consideration and Deal Structure

    The Business is being acquired by a newly created, wholly owned, subsidiary of Volvere, which will be called Interactive Prospect
Targeting Limited ("IPTL"), formed for the purposes of the Transaction.

    The total consideration payable by IPTL for the Business is �1.3m, payable in cash at completion. IPTL has undertaken to pay certain
trade creditors and other trading obligations of the Business amounting to approximately �1.5m. The assets being acquired comprise
principally fixed assets and trade debtors (including prepayments and accrued income), which have estimated fair values of approximately
�0.25m and �1.9m respectively. Accordingly, at completion, it is estimated that the fair value of the net assets being acquired by IPTL will
be approximately �0.65m. The turnover and loss before tax attributable to the Business before certain non-recurring items for the 6 months
ending 30 June 2008 have been estimated from unaudited management accounts to be approximately �5.0m and �2.0m respectively.

    Volvere is investing �0.2m for 100% of the ordinary share capital of IPTL and providing a loan to the Business of �1.1m. Following
completion, we anticipate that IPTL will issue new ordinary shares to certain of the Business's management and staff diluting Volvere's
holding in IPTL to approximately 50 per cent on terms to be agreed. Volvere's investment will be satisfied from existing cash resources and
the Company may provide further working capital loans in future to assist the Business in relation to the Transaction and in its future
development.

    For further information:

    Volvere plc
    Jonathan Lander, Chief Executive
    + 44 (0) 20 7979 7596

    Landsbanki Securities (UK) Limited
    Tom Hulme
    + 44 (0) 20 7426 9000

This information is provided by RNS
The company news service from the London Stock Exchange
 
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