The Mission Marketing Group plc, a marketing communications and advertising group, is acquiring 70 per cent of the Asian-focused digitally-led marketing services agency group, Splash Interactive Pte. Ltd. Splash has offices in Singapore, Shanghai, Hong Kong, Malaysia and Vietnam
Completion of the Acquisition is expected by 20 October 2014, when an initial consideration payment of SGD 0.6m (£0.3m) will be payable in cash. The rest of the consideration will be paid cash instalments depending on profitability during the period to 31 December 2017. The vendors will continue to manage the business.
The Mission Marketing Group plc announced today that it has placed 5,691,908 new ordinary shares of 10 pence each with new and existing institutional shareholders at a price of 42 pence per Ordinary Share to raise £2.4m to fund future acquisitions and general working capital purposes
In the year ended 31 December 2013, Splash achieved an underlying profit before tax of c£100k and reported in its statutory accounts a profit before tax of SGD 64,000 (c£31k) on turnover of SGD 5.0m (£2.4m). The management team of Splash say they expect to see a substantial growth in profits in the current financial year. At the balance sheet date, Splash had net assets of SGD 1.8m (£0.9m).
David Morgan, Group Chairman of The Mission Marketing Group, said, “This is a truly Client-led initiative in that for a number of our Clients we are already delivering campaigns in the region and this acquisition can only help them benefit from Splash’s market knowledge and region reach. They are a great, young, vibrant team who have created some innovative techniques and ideas that we are looking forward to introducing to our Mission Agency Clients in the future.”
UK, London & Malaysia, Selanger