- Media business group Bonhill said it had agreed to acquire Last Word Media for up to £20m and also detailed plans to raise funds through the placing of shares and reduce its shares.

Under the terms of the deal, Bonhill would pay an initial £8.0m for Last World, and further payments would become payable should Last Word achieve certain earnings thresholds in the financial years ending 31 December 2019 and 31 December 2020. The maximum aggregate consideration payable is £20.0m.

The acquisition would enable Bonhill to provide a global sales and marketing proposition to the international asset management community and provided the opportunity to leverage InvestmentNews' presence and platform to expand its existing propositions in the US, the company said.

Last Word currently operates seven investor facing brands, including seven news and information websites, two of which had associated print titles. In 2018, the brands collectively hosted 86 scheduled live events.

Last Word also operated a further three brands targeting asset managers with event services, content marketing solutions and research data products.

The company also announced plans to raise £10.0m by placing shares priced at 84p, representing 7.7% discount to the closing share price on 22 March 2019.

The placing was currently expected to conclude on or before 4.30 p.m. on 23 March 2019, with admission becoming effective on or around 10 April 2019, the company said.

At the upcoming shareholder meeting, the company would put forward plans to reduce capital to create distributable reserves of the company to meet its 'progressive' dividend policy.

In addition to the approval by shareholders, the capital reduction required the approval of the Court.

Accordingly, following the general meeting, an application would be made to the Court in order to confirm and approve the capital reduction, the company said.

At 8:00am: [LON:BONH] Bonhill Group Plc Ord 1p share price was -2.5p at 88.5p

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