Freepages Group PLC - Acquisition of Interest
16 September 1997 - 5:18PM
UK Regulatory
RNS No 9688p
FREEPAGES GROUP PLC
16th September 1997
FREEPAGES GROUP PLC ACQUIRES STAKE IN
MARKETING TECHNOLOGY COMPANY
Freepages Group plc has today purchased a 30 per cent interest in the
ordinary share capital of RequesT (UK) Ltd for a total consideration of
up to #1.25 million, with an initial cash payment of #500,000.
Further payments of #750,000 in cash will become payable if
certain milestones are achieved during the next 120 days.
Freepages has also been granted a call option to acquire up to
50 per cent of the fully diluted ordinary share capital of
RequesT at an agreed price of #65,000 for each 1 per
cent of the ordinary share capital not already owned by
Freepages.
Incorporated in April 1997, RequesT provides marketing
technology and transactional services for a broad range of
service products, including mortgages, credit cards, insurance
and mobile phones. Its core product, the RequesT Trading
Platform (RTP), allows service products from a variety of
providers to be assembled in a standardised inventory, and
marketed through call centres, websites and other channels.
RequesTs Chief Executive Officer, Barry Hill, is a former
Senior Vice President of American Express Co Inc. The Chief
Technology Officer, Dr Peter Knox, comes from a capital
markets background, where he has developed front office
systems for Credit Suisse and Morgan Stanley.
Robert Bonnier, Freepages Chief Executive Officer, stated,
"RequesT has a highly innovative approach to delivering tailor-
made discounted products and services to consumers, and fits
well within our long-term strategy of bringing buyers and
sellers together."
Barry Hill, describes the RequesT Trading Platform as a
"factory outlet for brand-name financial, travel and other
services. The Company will also market the system to
corporate clients to facilitate the cross-selling of their
products within their own customer bases. Freepages is an
enlightened and aggressive player in the business of
intelligently linking consumers to purchases - a business that
will be fuelled by the application of new information
technology. We see this as a perfect fit."
Freepages is a leading provider of branded communications
services providing buyers with powerful decision making
information and connecting them directly with sellers through
mass distribution channels.
Copies of this announcement will be made available for at
least the next fourteen days from the offices of Freepages at
Information House, Parkway Court, Oxford OX4 2JY.
For further information please contact:-
Robert Bonnier, CEO, Freepages Tel: 01865 380192
Miranda Cleverdon,
Corporate Communications, Freepages Tel: 01865 380192
Barry Hill, CEO, RequesT Tel: 0181 293 8912
Mark Edwards, Buchanan Communications Tel: 0171 466 5000
END
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