StockMarketWire.com - Entertainment marketing communications group Reach4entertainment said it had agreed to acquire advertising agency Agency Press for up to £10m and would partly fund the deal with a £3m share issue.

Trading at Sold Out, Agency press specialised in arts and entertainment advertising.

The deal involved an initial payment of around £3.9m in cash plus payable £250k payable in shares on completion.

An additional deferred cash payment would be based on Sold Out's financial performance between 1 June 2017 and 31 December 31, with the maximum combined acquisition cost capped at £10m.

New shares in the company would be issued at 1.2p each to raise the up to £3m in funding for the acquisition.

'The acquisition will mark a significant milestone for the group and play a major role in diversifing our client base beyond just theatre,' chairman Michael Grade said.




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