The merger of the two businesses will effectively double the size of the existing Avesco group with combined net assets approaching £50 million and substantial financial resources to fund future development. The existing Avesco team will continue to manage the enlarged business providing continuity for both staff and customers.
InvestinMedia recently sold its 49% stake in Complete Communications, world-wide rights holder of the Who Wants To Be A Millionaire? TV show, producing a substantial profit on its investment. InvestinMedia currently owns Fountain Studios (the UK's largest dedicated independent television studio facility) and holds minority stakes in two media related AIM listed businesses.
Over the last three years Avesco's core businesses which include Creative Technology, Presteigne, MCL, Action and JVR have developed significantly with major investments in new technology, people and infrastructure development.
Ian Martin, chairman of Avesco commented, "This merger is a quantum leap forward for the group, creating opportunities to further strengthen Avesco's portfolio of businesses and fund further organic growth and strategic acquisitions. We are at an advanced stage with plans to develop a number of markets for our existing companies including new ventures in Europe, the Middle East and Asia. We see exciting acquisition opportunities and anticipate increased demand for further investment in both High Definition and large screen display technology."
The proposed merger, which is subject to various conditions including the approval of shareholders, is expected to complete on 17 May 2007.
(Jim Evans)
