The Mission Marketing Group Announces Price Of 120p Per Share
10th April 2006
The Mission Marketing Group plc ('themission®'), a regionally based advertising and marketing business, announces today that, following a successful placing with institutional and other investors, the Company's shares will commence trading on AIM on Thursday 13 April 2006.
- Placing price set at 120p per ordinary share (the "Placing Price")
- Based on the Placing Price, the market capitalisation of themission® will be £24.0 million
- The Placing consists of 12.3 million ordinary shares, representing 61.6% of the 20.0 million ordinary shares in issue
The Company's business model is focussed on acquiring and developing successful agencies with proven profit performance, strong leadership and loyal clients. On listing, the Company will acquire Bray Leino, a leading marketing communications agency. Bray Leino will add significant scale to the existing operations in themission® - Big Communications and Fuse Digital - and upon IPO Bray Leino shareholders will be significant shareholders in themission®.
Following the integration of Bray Leino, the Company expects to make further acquisitions creating a major agency grouping which has strong national reach, shared central resources, an efficient cost structure and a management focus on good cash flow. Organic growth will be driven by a combination of offering an expanded range of specialist marketing services to an enlarged national and international client base and capitalising on the scale of the business to enhance sales opportunities and de-duplicate costs.
It is also floating at a time of considerable opportunity within the UK marketing services sector which is forecast to grow at 5-7% per annum and expenditure is expected to reach £32.8 billion in 2006. The market will also benefit from the FIFA World Cup in Germany this year.
Commenting, Iain Ferguson, CEO of themission®, said:
"We have had a positive response from institutional investors and look forward to creating value for all of our shareholders in the future. Our IPO will allow us to acquire leading independent agencies and provide complete marketing solutions for national and international clients.
"As the third largest regional agency in the UK we are well positioned to benefit from the current economic and industry trends which favour creative, cost efficient agencies with proven expertise across multiple disciplines. This increased scale will provide strong platform from which to grow organically. With a strong business model and award winning creative talent, themission® is on track to become the first regional super agency."
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