Chime Communications plc (LSE:CHW) agreed to acquire Warl Group Ltd from Marcus Wilcox, Kerry Bateman and Brian Lloyd for £12.5 million on May 15, 2013. The initial consideration is £4.5 million of which 30% will be funded by the issue of 0.52 million new Chime ordinary shares and the deferred consideration of £8 million will be payable by 2018 of which 40% may be satisfied through the issue of new Chime ordinary shares. For the year ended December 31, 2012 WARL generated ... revenue of £4.3 million and an operating profit of £1.1 million. As on December 31, 2012 WARL's gross assets were £2.5 million. The acquisition is expected to be immediately earnings enhancing and provides VCCP with a strong position in 'shopper marketing' which is of increasing importance to their existing and future clients. James Henderson, Victoria Geoghegan and Elizabeth Snow of Bell Pottinger Corporate & Financial Ltd. acted as public relations advisor in the deal.
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The shareholders of Chime Communications plc (LSE:CHW) authorized a share repurchase program at its Annual General Meeting on May 15, 2013. Under the program, the company is authorized to repurchase up to 8,514,329 of its own shares, representing 10% of the issued share capital. The minimum price (exclusive of expenses) which may be paid for a share is the nominal amount of that share. The maximum price (exclusive of expenses) which may be paid for a share is the highest ... of either an amount equal to 5% above the average market value of an share for the five business days immediately preceding the day on which that share is contracted to be purchased; and the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out. The company is authorized in accordance with section 701 of the Companies Act 2006, to make one or more market purchases as defined in section 693(4) of the Companies Act 2006. The authority will be valid until the conclusion of the next Annual General Meeting or till August 15, 2014. As of April 15, 2013, the company has 85,143,297 ordinary shares in issue and no shares in treasury.
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