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12/02/2002
SRH pays £6m for Longford Leader Group
Scottish Radio Holdings (SRH), the company which owns Portadown-based Morton Newspaper Group, has paid £5.85 million for the Republic's Longford Leader Group.
The Longford Leader has a 15,000 strong circulation in counties Longford, Cavan, Leitrim, Westmeath and Roscommon.
There are two stipulations on the deals successful conclusion: Firstly, that the Republic's Minister for Enterprise, Trade and Investment rubber stamps the deal and, secondly, that SRH can raise extra funds through the issue of new ordinary shares into the market.
SRH Chief Executive, Richard Findlay, said: " We are delighted with this expansion of publishing division which now has an increased and significant presence in Ireland. I am pleased to welcome the employees and readers of the Longford Leader to the SRH family."
The company, which owns radio stations Cool FM and Downtown Radio in Northern Ireland, owns a variety of media outlets throughout the UK.
SRH has been active in the market in recent months and have made several large cash outlays to broaden their broadcast and media stock. Last summer it purchased the 60 per cent of Carlisle radio not already owned by CRH for £3.15 million in cash. That expenditure was offset later in the year by the sale of the Ireland on Sunday Ltd to Associated Newspapers Ltd for £7.4 million.
On November 5 SRH purchased the entire issued share capital of Southampton-based radio station Wave 105 for £18 million in cash. Then on November 14 the group announced its intention to buy over the remaining 76 per cent of Radio Ireland Ltd, owners of Today FM, for £36.4 million.
On the back of this, following last November's annual report, Chairman Lord Gordon of Strathblane, offered a clear statement of intent after the company reported an increase in turnover to £79.8 million.
He said: "The group's strong balance sheet positions SRH well to take advantage of good acquisition opportunities which are now emerging."
The Longford Leader Group acquisition represents the first stage of that expansion process. However in for the first three months of the year like-for-like revenues for the Group were reported to be 'down slightly' on the same period last year.
At close of trading on Tuesday, the group's shares closed 2.5p down at 820p.
(GMcG)
The Longford Leader has a 15,000 strong circulation in counties Longford, Cavan, Leitrim, Westmeath and Roscommon.
There are two stipulations on the deals successful conclusion: Firstly, that the Republic's Minister for Enterprise, Trade and Investment rubber stamps the deal and, secondly, that SRH can raise extra funds through the issue of new ordinary shares into the market.
SRH Chief Executive, Richard Findlay, said: " We are delighted with this expansion of publishing division which now has an increased and significant presence in Ireland. I am pleased to welcome the employees and readers of the Longford Leader to the SRH family."
The company, which owns radio stations Cool FM and Downtown Radio in Northern Ireland, owns a variety of media outlets throughout the UK.
SRH has been active in the market in recent months and have made several large cash outlays to broaden their broadcast and media stock. Last summer it purchased the 60 per cent of Carlisle radio not already owned by CRH for £3.15 million in cash. That expenditure was offset later in the year by the sale of the Ireland on Sunday Ltd to Associated Newspapers Ltd for £7.4 million.
On November 5 SRH purchased the entire issued share capital of Southampton-based radio station Wave 105 for £18 million in cash. Then on November 14 the group announced its intention to buy over the remaining 76 per cent of Radio Ireland Ltd, owners of Today FM, for £36.4 million.
On the back of this, following last November's annual report, Chairman Lord Gordon of Strathblane, offered a clear statement of intent after the company reported an increase in turnover to £79.8 million.
He said: "The group's strong balance sheet positions SRH well to take advantage of good acquisition opportunities which are now emerging."
The Longford Leader Group acquisition represents the first stage of that expansion process. However in for the first three months of the year like-for-like revenues for the Group were reported to be 'down slightly' on the same period last year.
At close of trading on Tuesday, the group's shares closed 2.5p down at 820p.
(GMcG)
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