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Issue of EquityReal Affinity plc, ('Real Affinity'), the AIM-listed marketing services group, has issued a total of 450,000,000 new ordinary shares at £0.001p per share to the vendors of Corporate Hospitality Services Limited ('CHS'). The new ordinary shares are being issued as Settlement Shares under the terms of the acquisition agreement (as amended) entered into between the vendors and Real Affinity plc in July 2007. This issue has been brought forward as the parties concerned are no longer employees of Real Affinity plc. The amendment to the terms of the share purchase agreement is considered to be a related party transaction under the AIM Rules for Companies. The Directors consider that the amendment is fair and reasonable so far as the shareholders of the Company are concerned. In light of the announcement on 16 July, the Directors were unable to consult with the Company's Nominated Adviser. Application for the shares to be admitted to trading on AIM will be made to coincide with the lifting of the share suspension, ranking pari passu in all respects with the existing ordinary shares. The respective interests of the vendors, Ashley Metcalfe and Joanne Rawnsley, in the share capital of Real Affinity will increase to 360,227,273 and 360,227,272 shares, in each case representing 8.84% of the enlarged issued share capital. The total number of voting shares in issue will be 4,074,188,456, none of which is held in treasury.
Resignation of Nominated Adviser and BrokerHB Corporate has today resigned as the Company's Nominated Adviser and Broker. In accordance with the AIM Rules for Companies, the Company has one month in which to appoint a replacement Nominated Adviser or the admission of its shares on AIM will be cancelled.
Total Voting RightsReal Affinity plc, the AIM-quoted marketing services group ("the Company"), announces that at the date of this notice the total number of its issued ordinary shares of 0.1p each carrying voting rights is 3,624,188,456, none of which is held in treasury. The above figure of 3,624,188,456 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Temporary Suspension of Trading on AIMAt the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 28/05/2008 1:45pm pending clarification of the company's financial position. Ordinary Shares of 0.1p each fully paid (3-028-559)(GB0030285596) If you have any queries relating to the above, please contact the company's nominated adviser on 020 7510 8600
Appointment of Administrators to Conferaccom Limited Suspension of tradingFurther to the announcement on 19 May 2008, the Board of Real Affinity plc ("the Company") announces that its wholly-owned subsidiary Conferaccom Limited ("Conferaccom") was placed into administration today. The administrators of Conferaccom are Robert Adamson and Paul Charlton of Mazars (telephone 0113 204 9797). The Company announces that in view of the materiality of the indebtedness owed by the Company to Conferaccom it has requested the suspension of trading in its ordinary shares on AIM pending clarification of its financial position. Further information on Conferaccom is contained in the announcement on 30 April 2008. A further announcement will be made in due course as appropriate.
Adjournment of General Meeting regarding the proposed disposal of Conferaccom ("the Disposal")The General Meeting of Real Affinity plc ("the Company"), the AIM-listed marketing services group, was opened at 10.00 a.m. today. The Meeting was informed that completion of the Disposal required certain payments to be made to Checkbase Limited and to Anita and Chris Lowe. The funding of these payments was due to be made in part out of funds receivable from the proposed disposal of another of the Company's divisions. The timing of this latter disposal has not progressed in accordance with the Board's expectations, resulting in the Company not being in a position to make the above payments. As Shareholders have not had a proper opportunity to consider the Disposal adequately in the light of the changed circumstances and in order to provide more time to address the funding issue, the Meeting was (with the consent of the members present) adjourned indefinitely. A further announcement will be made in due course.
Notice of General MeetingClick here to download the Notice of General Meeting to be held on 19 May 2008.
Issue of EquityReal Affinity plc, ("Real Affinity"), the AIM-listed marketing services group, has issued a total of 225,000,000 new ordinary shares to the vendors of Corporate Hospitality Services Limited ("CHS"). The new ordinary shares are being issued as deferred consideration in respect of the performance of CHS for the year ended 31 December 2007 under the terms of the acquisition agreement (as amended) entered into between the vendors and Real Affinity plc in December 2006. The respective interests of the vendors, Ashley Metcalfe and Joanne Rawnsley, in the share capital of Real Affinity, will increase to 135,227,273 and 135,227,272 shares, in each case representing 3.73% of the enlarged issued share capital. Application has been made for the new ordinary shares, ranking pari passu in all respects with the existing ordinary shares, to be admitted to trading on AIM. Admission is expected to become effective on 8 May 2008. The total number of voting shares in issue following admission of the new ordinary shares will be 3,624,188,456, none of which is held in treasury.
Proposed disposal of Conferracom Limited and notice of General MeetingReal Affinity plc ("Real Affinity"), the AIM-listed marketing services group, announces that it has agreed, conditional upon shareholder approval, to dispose of the entire issued share capital of Conferaccom Limited ("Disposal") ("Conferaccom") a company which trades under the name of "Venues Unlimited" to Checkbase Limited ("Checkbase"). Real Affinity acquired Conferaccom from Anita Mary Lowe and Christopher Parkes Lowe (the "Lowes") on 30 June 2006. Checkbase is a company controlled by the Lowes, who are also directors of Conferaccom. The consideration for the Disposal ("Consideration") is £1 plus the assumption by Checkbase of Real Affinity's responsibility for repayment of the intra group balance owed by Real Affinity to Conferaccom as at completion of the Disposal ("Intra Group Loan" and "Completion"). Real Affinity has agreed to pay the excess of the Intra Group Loan above £2,100,000 to Checkbase (to the extent required) by four monthly payments of £50,000 (commencing 31 May 2008), together with a payment of the balance on 29 August 2008. The net effect of this is that Real Affinity will have reduced its liabilities by a maximum of £2,100,000. To the extent that Intra Group Loan exceeds £2,810,000 Real Affinity shall pay the excess to Checkbase at Completion. The Consideration may be subject to an adjustment following the determination of the aggregate value of the assets minus the aggregate liabilities of Conferaccom as at 29 February 2008 (the "Net Asset Value"). If the Net Asset Value is greater or less than £500,000, there will be a corresponding adjustment in the amount of the Consideration. In addition Real Affinity has agreed to surrender tax losses to Conferaccom to reduce Conferaccom's corporation tax liability for the year ended 31 March 2008 to nil (estimated at £41,000). Real Affinity has also agreed to pay £300,000 to the Lowes at Completion in final settlement of all remaining consideration due in relation to the original acquisition of Conferaccom by Real Affinity from the Lowes. The Disposal is a related party transaction pursuant to the AIM Rules. The directors consider, having consulted with HB Corporate, Real Affinity's nominated adviser, that the terms of the Disposal are fair and reasonable insofar as the Shareholders are concerned. In advising the directors, HB Corporate has taken into account the commercial judgement of the directors. Financial information on ConferaccomA summary of Conferaccom's financial performance and net asset position as extracted from its recent accounts for the year ended 31 March 2007 is as follows:
Reasons for the proposed disposalThe directors believe that the lower margin returns from Conferracom will not be core to Real Affinity's group in the future and that it is in the best interests of Real Affinity shareholders to complete the Disposal. They also believe that it is in the best interests of Real Affinity shareholders for Real Affinity to dispose of substantially all of its business activities with a view to being deemed an investing company under the AIM Rules. The approval of Real Affinity shareholders to the Disposal is being sought under the AIM Rules and their approval, in due course, is likely to be required in relation to further disposals. If the result of such disposals is that Real Affinity would be deemed to have become an investing company (under the AIM Rules), shareholders' approval will also be sought to Real Affinity's investing strategy as an investing company, details of which will be set in a further circular to shareholders convening a further general meeting. Real Affinity's remaining businesses operating under the 'Real Affinity Agency' brand comprise principally direct and digital marketing services. The proceeds arising from the Disposal will be used for working capital purposes. A circular to Real Affinity shareholders will be posted shortly convening a general meeting at which a resolution to approve the Disposal will be proposed. The general meeting is scheduled to take place on 19 May 2008 and subject to shareholders passing the resolution, Completion will take place on or by 21 May 2008.
Notice of EGMReal Affinity plc ('Real Affinity' or 'the Company'), the AIM-listed marketing services company, announces that it is sending a circular to shareholders to convene an Extraordinary General Meeting ('EGM') in accordance with Section 142 of the Companies Act 1985. As was noted in the interim results statement on 31 December 2007, as the net assets of the Company (following the impairment review of the intangible assets) are less than half the Company's called up share capital, the Directors are required to convene a general meeting of shareholders to consider what steps, if any, should be taken to deal with the situation. It is not intended to put any resolution to shareholders regarding this matter. The meeting is to be convened at the Company's registered office at 4325 Park Approach, Thorpe Park, Leeds, LS15 8GB at 10:00am on Wednesday 20 February 2008. The EGM circular and form of proxy can be found on the Company website at www.realaffinity.co.uk. The Directors have decided for the time being not to proceed with the proposed capital reorganisation which was mentioned in the interim results statement.
Interim Results for the six months to 30 September 2007Real Affinity plc (?Real Affinity? or ?the Company?), the AIM quoted marketing services company, announces its unaudited interim results for the six months ended 30 September 2007. Highlights
John Ross, Executive Chairman, Real Affinity plc commented: "The financial performance in the half year ended 30 September was again below our expectations and trading conditions, particularly for winning new business, remain very challenging." "However, we are pleased that the business has clearly improved its operational performance compared with the second half of last year, particularly as the benefits of the management and structural changes to the business carried out in the last six months have yet to manifest themselves fully in our trading performance." "Both divisional businesses, Real Affinity Agency and Real Affinity Events are expected to deliver positive earnings in the year to 31 March 2008 but central costs remain too high and it is likely that an overall loss before tax will be recorded. However, the Board believes that a platform for further growth has been put in place and that next year will be the end of the loss-making and restructuring phase of the business. Then further expansion both organically and by selective acquisition can be planned." Interim Results for the six months to 30 September 2007
Funding and trading updatesReal Affinity plc ('Real Affinity' or 'the Company'), the AIM-listed marketing services company, announces that following the recent restructuring which took effect from 30 June 2007, Real Affinity is now operating as two integrated divisions with new management in place and whilst longer term prospects are encouraging, the Company's trading performance has yet to reflect the benefits of the restructuring. The interim results for the six months ended 30 September 2007 to be published in December will show a small operating profit before plc and exceptional costs. As stated in the 2006 Report and Accounts, John Ross, Chairman, continues to support the Company through a combination of loans and equity investment. On 2 August 2007, Red Kite Capital Partners Ltd ('Red Kite'), a company controlled by Mr Ross, agreed to provide a £1 million funding facility to the Company in the form of a convertible redeemable unsecured loan note. At 30 September 2007, the loan note amounted to £390,000. The loan note is convertible at any time into ordinary shares at a price equal to the nominal value of the shares at the time of conversion. The loan note currently does not bear interest. The Directors (other than Mr Ross) have entered into discussions with Red Kite to place the funding facility on a formal structured basis to meet the ongoing working capital requirements of the Company. The funding facility is a related party transaction under the AIM Rules. The Directors of the Company (other than Mr Ross) consider, having consulted with HB Corporate, the Company's Nominated Adviser, that the terms of the funding facility are fair and reasonable so far as the shareholders of the Company are concerned. Shareholders will be aware that the Company's share price has for several months been below the par value of the shares. The Board is considering implementing a reorganisation of the share capital (subject to shareholder approval at an extraordinary general meeting) to make the shares more attractive to new investors and to provide more visibility to the market. Shareholders will be advised of the details of the proposed share capital reorganisation on publication of the interim results.
Total voting rightsReal Affinity plc, the AIM-quoted marketing services group, announces that at 31 October the total number of its issued ordinary shares of 0.1p each carrying voting rights is 3,399,188,456, none of which is held in treasury. The above figure of 3,399,188,456 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
£850,000 contract with WH SmithReal Affinity plc ("Real Affinity" or "Group"), the AIM-listed marketing services group, announces that it has agreed an extension of its current partnership with retail giant WH Smith plc to manage their travel service requirements. The contract is worth in excess of £850,000 over the next three years. It will see Swindon-based Real Affinity Events, the event management arm of the Group become the sole supplier of travel, accommodation, meeting and conference services to WH Smith for the next three years. WH Smith has taken the strategic decision to contract one agency to deliver all of its conferencing, meeting, travel and accommodation requirements for 3 years following a thorough analysis of its entire supply chain. Key to the award of this contract was the ability to deliver to exacting quality and performance targets. WH Smith has 640 high street and travel stores at airports, train stations and motorway service area locations. Anita Lowe, Managing Director of Real Affinity Events commented: "This significant contract award builds on Events' existing strong commercial relationship with WH Smith. It proves once again the faith our clients have in us and demonstrates what can be achieved when you deliver consistently on both performance targets and quality. "It also highlights Real Affinity's ability to deliver flexible yet tailored solutions to major blue-chip customers and illustrates the stronger service offering that the Group is now able to provide."
Result of AGMReal Affinity plc, the AIM-listed marketing services group, announces that all resolutions proposed at the Annual General Meeting today were duly passed.
Issue of EquityReal Affinity plc ('Real Affinity' or 'the Company'), the AIM-listed marketing services group, announces that it has issued a total of 150,000,000 new Ordinary shares to the vendors of Conferracom Limited ('the Vendors'), which formerly traded as Venues Unlimited ('Venues') prior to its integration within Real Affinity Events. These shares are part of the first tranche of the deferred consideration payable in relation to Real Affinity's acquisition of Venues in June 2006. The new Ordinary shares have been issued at a price of 0.3p per share, equating to a consideration of £450,000, divided equally between Anita Lowe and Christopher Lowe, the Vendors. As a result, each will be interested in 137,500,000 Ordinary shares of Real Affinity, equivalent to 4.05% of the enlarged 3,399,188,456 Ordinary shares in issue. The Directors of the Company are pleased to report that the audited profit after tax of Venues for the year ended 31 March 2007 amounted to £280,237, substantially in excess of the £210,000 required to trigger payment of the deferred consideration for that year. In light of the additional responsibilities associated with the wider group role now being played by Anita Lowe as head of Real Affinity Events, the Directors have agreed with the Vendors that the final deferred consideration payable of £500,000 (comprising £300,000 in cash and £200,000 in new Ordinary shares) will not be contingent upon Venues's profits after tax in respect of the year ended 31 March 2008 being at least £280,000. The amendment to the terms of the deferred consideration is considered to be a related party transaction under the AIM Rules for Companies. The Directors, having consulted with HB Corporate, the Company's Nominated Adviser, consider that the amendment is fair and reasonable so far as the shareholders of the Company are concerned. Application has been made for the new Ordinary shares, ranking pari passu in all respects, to be admitted to trading on AIM. Admission is expected to become effective on 1 November 2007. John Ross, Executive Chairman, commented: 'It is very pleasing that Venues has achieved its initial earn-out target of £210,000 after tax, which reflects the focus that the management team has placed on maximising the synergies within our event management and corporate hospitality activities. On the basis of recent trading, I am confident that Venues will meet the original target of £280,000 after tax for the current year to 31 March 2008.'
Appointment of Group Finance DirectorReal Affinity plc, the AIM-listed marketing services group, announces the appointment of Martyn Ian Archer as Group Finance Director. The team has also been further strengthened by two additional senior management appointments. Following the recent internal restructuring to improve both the clarity and focus across the Group, through the merging of the seven member companies, the Group now has two operating divisions - Real Affinity Agency and Real Affinity Events. Martyn Archer, ACMA, aged 48, will assume the role of Group Finance Director, with effect from 1st November 2007. Mr Archer has over 20 years of senior business, financial and commercial experience, having worked in a variety of market sectors. These include engineering, service based industries and most recently printing, with Polestar and Communisis plc. Mr Archer is also a director of Excerno Ltd and has been a director of Communisis Chorleys Ltd within the last five years. There is no further information to disclose in accordance with Schedule Two (g) of the AIM Rules for Companies in relation to Mr Archer. Additionally, two other Leeds-based managers, already with the Group, have been promoted to new roles. Jo Rawnsley has been appointed as the new Head of Group Development, being charged with ensuring that all areas of the Group adopt best policy procedures and working practices, in order to maximise all internal and external opportunities. Furthermore, the former Yorkshire and Nottinghamshire county cricketer, Ashley Metcalfe, has been installed as the new Head of Group Marketing, with a remit to build a strong, precise and consistent brand strategy. John Ross, Executive Chairman commented: 'Following the recent restructuring we now have a new and forward-thinking Group with just two divisions. The new management will undoubtedly strengthen our approach and Martyn in particular will add a fresh approach.' 'The Group is one of the leading names in the UK's marketing and event management sectors and it is servicing an impressive list of blue-chip clients, which includes industry leaders such as BT, BP/Castrol, WH Smith, Diageo, Harley Davidson, Green Flag, Tesco and Intercontinental Hotels. This gives us a very solid base which we can build upon.' Preliminary Results for the period ended 31 March 2007Significant increase in turnover; restructuring completed Real Affinity plc ('Real Affinity' or 'the Company'), the AIM quoted marketing services group, announces its Preliminary Results for the period ended 31 March 2007. Highlights
Post period events
John Ross, Executive Chairman, Real Affinity plc commented: 'Whilst it is disappointing to report a year of continuing losses, I am able to confirm that progress is being made on both restructuring and re-focussing the Group and, most importantly, resolving its underlying problems. During February we started the process of simplifying the structure of our operating businesses into two business streams. It is pleasing to note that since completion of the reorganisation, the two new divisions Real Affinity Agency and Real Affinity Events are sharing information and working together on many more client assignments. 'The strategy for the business is to grow through a combination of organic growth and acquisition. However, the significant restructuring means that the changes need to bed down and for them to show real delivery before the Group commits further resource to acquisitions. 'First quarter trading to 30th June 2007 has been encouraging with operating performance above budget in both divisions. 'Whilst it is too early to predict the outcome for the year we are confident that the continuing businesses are in better shape, the primary loss-making businesses have been discontinued and the restructuring has been completed'. Preliminary Results for the year ended 31 March 2007
aim rule 26Real Affinity plc, the AIM-listed integrated marketing services group, announces that, as from today, the information required by AIM Rule 26 is available via the Company's website, www.realaffinity.co.uk, in the "Investor Info" section.
directorate changeWith immediate effect, Gerard Corcoran has resigned as Group Chief Executive of Real Affinity plc to pursue other business interests. John Ross, the Chairman, will immediately assume the role of Executive Chairman of the Group.
change of registered officeReal Affinity plc, the AIM-listed marketing services group, announces that as of 21 June 2007 its registered office has been changed to: 4325 Park Approach
This is also the location of its head office.
sale of evolve sport ltdReal Affinity plc, ("Real Affinity" or "Real Affinity Group"), the AIM-listed marketing services group, announces that it has sold the entire issued share capital of Evolve Sport Ltd ("Evolve"), a subsidiary of Navigator, to Mr Graham Morgan and Mr John Bishop, part of the Evolve management team. The consideration for the disposal is £135,001, including the repayment of inter-company debt of £135,000. The debt is repayable over 7 years at a commercial rate of interest. The Real Affinity Group is entitled to receive 15% of sports sponsorship revenue earned from the implementation of a range of marketing activities by Evolve for a period of the next 3 years. The parties have agreed that such proceeds shall be credited initially against the inter-company debt. The business of Evolve consists of creating and implementing grass roots sports activities and events. These offer sponsorship opportunities for brands to usefor marketing purposes. For the year ended 31 March 2006, the loss before taxation and extraordinary items of Evolve was £11,502 on turnover of £299,565. At 31 March 2006, the net asset value of Evolve was a deficit of £31,926. Since that date, the company has continued to incur losses. The inter-company debt has been fully provided for. The disposal will remove a loss-making business from the Real Affinity Group, reduce costs by approximately £300,000 on an annualised basis, and remove the requirement to provide on-going working capital to Evolve, whilst retaining the benefit of commissions earned. The disposal is part of the intended restructure announced on 13 March 2007 by Real Affinity. The disposal constitutes a related party transaction under the AIM Rules. Thedirectors of Real Affinity, having consulted with HB Corporate, the Company's Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
retirement of directorReal Affinity plc ("the Company"), the AIM-listed marketing services group, announces the retirement of Geoff Hedges, a Board Member and Managing Director of the Holly Benson operating subsidiary. Pending the completion of the restructuring announced on 13 March 2007, the operational management of Holly Benson will be the responsibility of Paul Thompson, currently the Finance Director of Holly Benson and a Board Member. Gerard Corcoran, Group Chief Executive of Real Affinity, commented: "The Board would like to take this opportunity to thank Geoff for his contribution to the development of the Group, in both his capacity as a Board member and his role in managing Holly Benson, one of the main operating subsidiaries. We wish him a happy retirement." 29 May 2007
director/pdmr shareholdingThe Company has been notified pursuant to transitional provision 7 of the Disclosure & Transparency Rules that the following are interested in 3 per cent or more of the voting rights of the Company:
The above percentages are based on 3,249,188,456 being the total number of its issued ordinary shares each carrying voting rights.
director's dealingsReal Affinity plc, ("Real Affinity" or "the Company"), the AIM-quoted marketing services group, announces that Gerard Corcoran, Group Chief Executive, informed the Company that he has today purchased 30,000,000 ordinary shares in the Company at 0.053p per share. Following this purchase, Gerard Corcoran holds a total of 247,714,684 shares representing 7.62% of the issued share capital.
trading updateReal Affinity plc, ("Real Affinity" or "the Group"), the AIM-listed marketing services group, announces a trading update for the financial year ending 31 March 2007. Turnover is expected to be below market expectations due to recent reductions in client spend. As a result, the Group will not return to profit by the year end. Whereas the predominant part of the Group's business is profitable (RP&F Ltd, Venues Unlimited, Quadrant and CHS Ltd are all operating profitably), other marketing services companies within the Group have experienced net deferrals of budgeted client spend, particularly over the past three months, after a long run of profitable trading. The Board is however optimistic that, in the next financial year, client spend will recover to the levels previously anticipated. The Board does not anticipate that the recent downturn in trading conditions experienced by the specialist sports sponsorship and events businesses (Navigator and Evolve) will reverse in the immediate future. The Board has decided, in the light of these issues, to accelerate its plans to simplify the group structure and to implement strong remedial action to address the specific issues, and will provide a further update in due course.
issue of equityReal Affinity plc, ("Real Affinity"), the AIM-listed marketing services group, has agreed to allot a total of 8,208,682 new ordinary shares as final deferred consideration to the vendors of Evolve Sport Limited, a sports development and coaching business, which was acquired by the Real Affinity group in September 2004. Application has been made for the new ordinary shares, ranking pari passu in all respects with the existing ordinary shares, to be admitted to trading on AIM. Admission is expected to become effective on 21 February 2007. The total number of voting shares in issue will be 3,249,188,456, none of which are held in treasury
real affinity acquires pr companyReal Affinity plc, ("Real Affinity" or "the Company"), the AIM-listed marketing services group, announces that it has agreed to acquire the whole of the issued share capital of Corporate Hospitality Services Ltd (which trades as CHS Ltd), for an initial consideration of £50,000, to be satisfied by the issue of 45,454,545 new Ordinary shares of the Company at 0.11p per share. CHS Ltd is a PR and corporate hospitality business which was established in September 1997. The acquisition is conditional on the admission of the initial consideration shares to trading on AIM. Further deferred consideration of up to £930,000 (in a combination of new Ordinary shares and cash) will be payable on the achievement of certain performance targets as detailed below. Gerard Corcoran, Group Chief Executive of Real Affinity, said: "The acquisition of CHS Ltd is in line with our strategy to provide a broader range of integrated services to our clients. PR is a key area of opportunity and it is important for us to be able to offer high quality PR services to our current and potential clients. CHS Ltd will also provide the foundation on which to build a larger PR team by allowing us to bring other well established PR practitioners into an existing structure. "CHS Ltd works with leading businesses such as BT and KPMG and, under the leadership of its current directors, Ashley Metcalfe, the former Yorkshire cricketer, and Joanne Rawnsley, we expect the business to continue to expand. CHS Ltd will also look to develop business throughout the UK, but particularly in the North, for other Real Affinity companies involved in event marketing, such as Holly Benson and Venues Unlimited. CHS Ltd will re-locate to Real Affinity's Bradford office immediately and will be rebranded in due course. " Ashley Metcalfe, Director of CHS Ltd, commented: "This is an exciting opportunity to join a fast growing, forward thinking marketing group that already has a high quality client base with regional, national and international profile. We are looking forward to bringing our experience in consumer, business to business and sports PR to the group, along with our extensive understanding of the events and corporate hospitality market. At the same time we will ensure our current clients will continue to receive the same close personal attention we have always given them. " Deferred share consideration of a maximum of £750,000 may be payable based on the performance of CHS Ltd for the twelve month periods to 31 December 2007 and 31 December 2008. £250,000 will be payable if the audited Gross Margin (defined as Gross Profit less Overheads, but excluding any additional overheads, charges or costs specifically and additionally incurred by CHS Ltd at Real Affinity's request) in respect of the twelve month period to 31 December 2007 is at least £ 50,000 and a further £500,000 will be payable if the audited Gross Margin for the twelve month period to 31 December 2008 is at least £150,000. The price at which the deferred consideration shares are issued will be the average mid-market price for the seven dealing days prior to the end of the respective twelve month period ( "the deferred shares issue price"). IIn addition, where deferred consideration shares are issued in respect of 2007 or 2008, the Company will in either case grant options to the Vendors over such number of new Ordinary shares as is equivalent to £40,000 at the relevant deferred shares issue price. These options will not be exercisable for at least 3 years. Deferred cash consideration of a maximum of £180,000 may be payable. In respect of the twelve month period to 31 December 2007, a maximum of £60,000 will be payable if audited Gross Margin of £200,000 is achieved, reducing pro rata such that no cash consideration will be payable where audited Gross Margin of £50,000 or less is achieved. In respect of the twelve month period to 31 December 2008, a maximum of £120,000 will be payable if audited Gross Margin of £450,000 is achieved, reducing pro rata such that no cash consideration will be payable where audited Gross Margin of £150,000 or less is achieved. In the year ended 31 August 2006, CHS Ltd's unaudited accounts showed turnover of £270,393 and net profit after tax of £62,675. A total dividend of £66,330 was declared for the year. Net assets at the year end were £18,836. Application has been made for the 45,454,545 new Ordinary Shares to be issued as initial consideration to be admitted to trading on AIM. The new Ordinary shares will rank pari passu with the Company's existing ordinary shares and admission is expected to commence on 11th January 2007. Following admission there will be 3,240,979,774 shares in issue.
interim results for the six months to 30 September 2006Significant increase in turnover; operating loss reduced by 35% Real Affinity plc ("Real Affinity" or "the Company"), the AIM quoted marketing services group, announces its interim results for the six months ended 30 September 2006.
Gerard Corcoran, Group Chief Executive, Real Affinity plc commented: "The first half of the year has seen a notable improvement on the comparable period in 2005, with significantly reduced losses, much lower net debt and an improved cash position. Historically the second half of the year is stronger and the Board believes that this pattern will be borne out in the current financial year. "There will be continued focus on organic sales growth now that the required structure and resources are in place. The client base is high quality and ranges across a variety of business sectors which should ensure a flow of sales opportunities. "Overall, the Board is pleased with the progress made and is confident that it can drive the Group forward and that the underlying trading performance will further improve. October has delivered operating profits, and work on delayed projects from the first half of the year is well underway ". Chairman's Statement The first half of the year has seen a notable improvement on the comparable period in 2005, with significantly reduced losses, much lower net debt and an improved cash position, helped by positive cash balances in Venues Unlimited. Historically, the second half of the year is stronger than the first due to the cyclical nature of substantial parts of the business and the Board believes this pattern will be borne out again, and that the underlying trading performance will further improve. Trading performance in the period was slower than anticipated, with revenues below expectation in the core businesses due to a number of short term factors, which have now been addressed. A delay in the completion of the acquisition of Venues Unlimited meant that the expected contribution to the half year was significantly reduced and, in addition, the forecast revenue from several clients was not finally committed until after the period end. Also, the work to improve sales performance within each subsidiary and, most importantly, the cross-selling of services to clients, whilst now showing an encouraging upward trend, took longer than planned to implement. The second half should show the benefits of the actions being taken, particularly as the Group has recently appointed a new Sales Director to manage the next phase of sales growth. Indeed, October has delivered operating profits, and work on delayed projects is well underway. Results The unaudited results for the six months to 30 September 2006 show a turnover of £ 8.10m (2005: £5.01m) with a gross profit of £2.78m (2005: £2.47m), and an operating loss of £267,000 (2005: operating loss of £408,000). After exceptional costs of £54,000 (2005, £609,000), loss on ordinary activities before interest is £321,000, compared to a loss of £1,017,000 in 2005. The net loss after interest and tax for the period is £451,000 against a net loss after interest and tax of £1,073,000 in 2005. The Board has decided to undertake a full impairment review in respect of goodwill for the year ending March 2007. Consequently no charge for the amortisation of goodwill is included in the unaudited accounts to September 2006. Net debt at the end of the period stood at £970,000 (2005: net debt £1,975,000) The Group has been able to enhance its banking facilities, though the trading losses in the first half have resulted in a negative trading cash flow for the period. Strategy There will be continued focus on organic sales growth now that the required structure and resources are in place. The client base is high quality, with a high retention rate, and it ranges across a variety of business sectors. This ensures a flow of sales opportunities, which need to be capitalised on, and also reduces exposure to any particular sector. It is clear from discussions with current clients and potential clients that the ability to provide a range of interlinked marketing and communications services, designed to engage consumers in a direct, quantifiable way, is increasingly important as the market shifts in that direction. It is precisely this type of service which forms the core of the Group's offering to clients, and will be further developed and enhanced. Accordingly, the Board will also seek potential acquisitions in order to improve the range and quality of skills in the Group and to further strengthen the financial position. Digital and internet marketing, market research and customer retention management will be key areas of interest, along with brand marketing, design and creative services. Subsidiary Company Review Venues Unlimited, the events and venues logistics subsidiary, has settled in to the Group very well and is performing ahead of expectations. In addition to new business wins in its own right, it has also been involved in joint new business wins with other Group subsidiaries. For example, Holly Benson and Onstate have worked on projects with BP, Mercedes and Smart. Ladders, the direct marketing business is continuing with the much improved trading performance that was evident later in the year ended 31 March 2006, and has successfully added incremental work from its existing, high quality client base. In particular, Ladders is working closely with Onstate, the digital and internet marketing subsidiary, as the electronic delivery of direct marketing campaigns becomes increasingly prevalent. Significantly, late in the period, Onstate was successful, in conjunction with Ladders, in securing a substantial project with Daimler Chrysler Financial Services. It is anticipated that Ladders's revenues will continue to perform strongly in the second half of the year. David, the creative agency, has continued to produce excellent work, with its campaign for Rizla, featuring on the front cover of 'CoolBrands' (published by Superbrands Ltd) an annual review of some of the UK's best known brands. However, David's financial performance has been below target and the Board is taking action to redress the situation. David will also benefit from higher levels of activity in Venues Unlimited and Holly Benson in the second half as it provides creative services to both companies' clients. The Board expects David to deliver a profit during the full year. Holly Benson and its subsidiary Quadrant Exhibitions have performed profitably in the period, but have had a softer than expected first half, mostly due to delayed client projects. The Holly Benson Board believes that trading in the second half of the year will, again, show an improvement over the first half, with the last quarter typically being a strong period. The flow of new briefs and pitches is encouraging. Holly Benson and Quadrant have secured substantial new business from, for example, Harley Davidson and Tom Tom Exhibitions during the period. Navigator, the sports marketing subsidiary, has continued to suffer from inconsistent revenues, due to the cyclical nature of many sports events and activities. Action which will secure a substantial reduction in fixed costs has been achieved, predominantly through a reduction in permanent staff, to better reflect the revenue profile of the business. This will allow the business to gear up specifically for each project, once revenues have been secured. We expect revenues across these companies to be stronger in the second half of the year, in line with the experience of previous years. During the period, Navigator extended its agreement to act on behalf of the European Athletic Association and UIM class 1 Powerboat Championship and the benefit from these agreements should impact on the second half results. Outlook The Group is fully focused on developing top-line growth on the back of the required structure and resources being in place and returning the Company to profitability. Fixed overhead reductions should contribute to an improvement in trading performance to 31 March 2007. Capitalising on the opportunities inherent in the existing client base remains a vital aspect of the business development strategy. Clients are increasingly looking for an integrated range of marketing services from incumbent agencies, and the divisionalisation and re-branding of the businesses will certainly simplify and improve the focus of our sales approach and the level of integration we can deliver. In addition, it will also ensure that the management teams in each division are accountable for the performance of a business unit of greater scale. It is the Board's view that clients will continue to increase their spend on more direct, targeted marketing activities, taking advantage of developments in direct marketing and digital and internet based marketing. Rigorous strategy, allied to good quality creative work will remain a priority. The reorganisation of the business into larger business units will ensure more effective use of the skills available, and will also help to control costs. A reduction in the proportion of costs associated with plc and central functions also remains a key target for the business, and the Board is already actively considering ways to achieve this, without adversely affecting the Group's overall strategy. Real Affinity plc Consolidated Profit and Loss Account For the six months ended 30th September 2006 Click here to view interim results Availability of interims A copy of these interim results is available from the Company's website www.realaffinity.co.uk This information is provided by RNS The company news service from the London Stock Exchange
major contract with harley-davidson europe ltdReal Affinity plc, ("Real Affinity" or "the Company"), the AIM-listed marketing services group, announces that its subsidiary, Holly Benson Communications, has completed a major contract to supply Harley-Davidson Europe Ltd with 300 display units to its European showrooms. This is to support Harley-Davidson's launch programme for the new 2007 models being added to its world famous motorcycle range. Gerard Corcoran, Group Chief Executive, Real Affinity plc, commented: "We have recently pitched for a number of new projects and this is the first outcome of that process. Our work with Harley-Davidson will, we hope, be on-going and we anticipate it will make a significant contribution to Holly Benson Communications' turnover during the second half of this financial year, and hopefully beyond. Harley-Davidson is a world class brand and a welcome, notable addition to the Group's strong client list. David Collett, Holly Benson's Exhibition Director, stated: "Harley-Davidson is a legendary brand and it is internationally recognised as being in a class of its own when it comes to style and image. We are proud to have been asked to produce, and to have successfully delivered, work of an exceptionally high standard for an important new client. " The free-standing units hold double-sided, large scale graphics that were produced on the very latest computer controlled printers installed in the Company's specialist graphics division located in Swindon. These were distributed to authorised Harley-Davidson(R) dealerships all over Europe with quantities of English, French, German and Italian language versions being made available as required. The base units can now be supplied with interchangeable graphics cassettes allowing them to be up-dated regularly in a highly cost-efficient manner.
appointment of chairman / issue of equity / notifiable interestReal Affinity plc ('Real Affinity' or 'the Company'), the AIM-quoted marketing services group, is pleased to announce that John Stewart Ross has been appointed to the board as Non-executive Chairman with immediate effect. John Ross, aged 41, is Chairman and Chief Executive of Style Group UK, whichalso owns Safestyle UK, the UK's leading manufacturer of residential windows and doors. Mr Ross founded the business in 1992 and its turnover is now in excess of £ 100 million. He remains the majority shareholder. Commenting on the appointment, Gerard Corcoran, Group Chief Executive, said: " We are delighted to welcome John to the board. He bringsstrong management experience to the Group. He has an impressive background in retail, sales and marketing across a number of companies, and has built a major business in a very competitive marketplace. John brings notable commercial acumen to the board." Mr Ross has agreed to subscribe £250,125 for 172,500,000 new Real Affinityordinary shares at 0.145p per share through Red Kite Capital Partners Ltd, a company in which he has a controlling interest. Taking into account shares in the Company already held, Mr Ross will be beneficially interested in 179,938,000 Real Affinity ordinary shares, representing 6.04 per cent of the enlarged issued share capital of the Company. £248,639 of this subscription will be applied to redeem a loan advanced to the Company by Red Kite Capital Partners Ltd in May 2006. The total number of shares in issue after this issue will be 2,979,925,229.Application has been made for the new Ordinary shares, which will rank pari passu with the existing issued Ordinary shares, to be admitted to trading on AIM. The subscription by Mr Ross constitutes a related party transaction underthe AIM Rules. The other directors of the Company, having consulted with HB Corporate, the Company's Nominated Adviser, believe that the terms of the transaction are fair and reasonable insofar as its Shareholders are concerned.
issue of equityReal Affinity plc ('Real Affinity' or 'the Company'), the AIM-quoted marketing services group, announces that the Company has allotted 5,738,000 new Ordinary Shares at 0.13p per share to Redkite Capital Partners as an arrangement fee for a £248,000 loan drawn down in May 2006. The total number of shares in issue after these issues will be 2,807,425,229. Application has been made for the new Ordinary shares, which will rank pari passu with the existing issued Ordinary shares, to be admitted to trading on AIM.
holly benson wins major new zimmer europe contractReal Affinity plc, (“Real Affinity” or “the Company”), the AIM quoted marketing services group, announces that Holly Benson Communications (“HBC”), its wholly-owned marketing communications subsidiary, has entered into an agreement with Zimmer Europe, The World’s No.1 in Pure Play Orthopaedics. Under the terms of the agreement, HBC will design, construct and manage up to 15 major European exhibitions per year for Zimmer Europe, taking place between 2006 and 2008. Paul Morgan, Sales Director, Holly Benson, commented: “HBC have been associated with Zimmer UK for over 14 years and we are delighted to extend our relationship to Zimmer Europe. We are confident that our service will add inherent value to the Zimmer brand and look forward to cementing our successful working relationship.” Gerard Corcoran, Chief Executive, Real Affinity plc, added: “The Company continues to grow its client base and Zimmer Europe is an excellent example of how we win, consolidate and grow with existing clients. Holly Benson in particular is doing well in achieving new client wins. “Real Affinity continues to show improvement and we are beginning to see the full benefits of the rationalisation programme coming through. We have a good quality client base that we can further develop. The newly implemented group structure, and recent acquisition of Venues Unlimited should help us to accelerate our growth.”
completion of acquisition / change of adviserReal Affinity plc ("Real Affinity" or "the Company"), the AIM-quoted marketing services group, announces that all conditions relating to the acquisition of Conferaccom Limited, a company which trades as Venues Unlimited, have been satisfied and that therefore the acquisition is now complete. The Company also announces that HB Corporate has been appointed the Company's Nominated Adviser with immediate effect.
acquisition and placingReal Affinity plc, ("Real Affinity" or "the Company"), the AIM-listed marketing services group, announces that it has conditionally agreed to acquire Conferaccom Limited, a company which trades as Venues Unlimited (“Venues”), for a maximum consideration of £2m (“the Acquisition”). The consideration comprises an initial payment of £750,000 to be satisfied as to £500,000 in cash and the balance by the issue of 125m new Ordinary shares at 0.20p per share (“the Initial Consideration Shares”). Deferred consideration up to a maximum of £1,250,000 (to be satisfied as to a maximum of £600,000 in cash and up to an additional 200m new Ordinary shares) is payable in two tranches conditional on the net profit after tax performance of Venues for the years ending 31 March 2007 and 2008. To satisfy the initial cash consideration and the Company’s additional working capital requirements, the Company is raising £1,001,200 before expenses by means of a non-underwritten placing of 770,153,843 new Ordinary shares at 0.13p per share (“the Placing”), of which £879,200 has been arranged by HB Corporate, the Company’s Broker with institutional and other investors. The balance is being subscribed for by certain directors and staff of the Company. About Venues Venues is based in Swindon and was established in 1989. It is a leading, independent, conference placement and event management company, with 85 employees. Venues’ turnover derives from agency bookings of travel and accommodation for clients and commission income in relation to event and conference management. In the year ended 31 March 2006, its audited net profit after taxation amounted to £131,000 on total turnover of £12.2m (of which £2m related to commission income). The deferred consideration tranches are payable in full where audited net profit after taxation for the years ending 31 March 2007 and 2008 are at least £210,000 and £280,000, respectively. At 31 March 2006 Venues had audited net assets of £51,000. The price at which the deferred consideration shares are issued will be the lower of 0.2p and 0.3p respectively and the average price for the 7 business days preceding the issue of each tranche of shares. The Placing HB Corporate has, on behalf of the Company, placed 676,307,692 new Ordinary Shares at 0.13p with institutional and other investors conditional, inter alia, upon the completion of the Acquisition. In addition, 93,846,151 new Ordinary Shares are being subscribed for by certain directors and staff of the Company. The total number of shares in issue after the Placing and initial consideration under the Acquisition will be 2,801,687,229 shares. Application will be made for the Placing Shares and the Initial Consideration Shares, both of which will rank pari passu in all respects with the existing issued shares, to be admitted to trading on AIM with effect from 29 June 2006. Gerard Corcoran, Group Chief Executive, Real Affinity plc commented: “The acquisition of Venues broadens Real Affinity’s offerings, strengthens our client base, and is complementary to our existing businesses. “This earnings-enhancing acquisition will further support the improved performance that the Board commented on earlier this year. We have recently won several major new clients and the benefits of the rationalisation programme are now being seen. “Overall, the Board is pleased with the way the business is starting to move forward.” Related party transaction Directors Gerard Corcoran and Geoff Hedges, have invested £112,000 in the Placing. This constitutes a related party transaction under the AIM Rules. Brent Fitzpatrick and Paul Thompson, independent non-executive directors of Real Affinity, having consulted with Brewin Dolphin Securities, the Company’s Nominated Adviser, believe that the terms of the transaction are fair and reasonable insofar as its Shareholders are concerned. Of the above investment, Mr Corcoran and Mr Hedges have invested £110,000 and £2,000 respectively in the Placing for 84,615,384 and 1,538,461 new ordinary shares at 0.13p per share. Following the Placing, Mr Corcoran and Mr Hedges own 217,714,684 and 35,285,629 shares respectively, representing 7.77 per cent and 1.26 per cent of the enlarged issued ordinary share capital.
preliminary results for the year ended 31 march 2006Real Affinity plc (“Real Affinity” or “the Company”; stock code: RAF), the integrated marketing services group, announces its Preliminary Results for the year ended 31 March 2006. Key points:
Post-period end:
“This latest financial year has been one of transition for Real Affinity as we have sought to stabilise and improve the overall performance of the operating businesses, significantly reduce our cost base and strengthen the Company’s overall financial position. We have been encouraged by our customer retention levels, in spite of the restructuring, and we continue to win significant new business from leading brand-owners.” “The full benefits of the restructuring programme should be seen in the current financial year. Real Affinity now has established a stronger platform for growth and we continue to seek acquisitions that will really add value to the Group.” Preliminary Results for the year ended 31 March 2006
onstate subsidiary to provide yorkshire building society with enhanced e-crm solutionsReal Affinity plc, the AIM-quoted marketing services group, announces that Onstate, its wholly-owned online marketing subsidiary, has entered into an agreement with Yorkshire Building Society ("YBS") to re-design and manage the Web marketing of key YBS products, including mortgages, loans, savings and insurance. Onstate will also be responsible for refreshing YBS banner advertising and managing its email communications to improve its relationships with existing customers. Additionally Onstate will be devising an online campaign to support a national competition that initially was conceived as a direct marketing initiative to be run in YBS branches. As part of this campaign, Onstate will create a suite of banner ads to drive users from various portals to a dedicated landing page to facilitate customer data capture. Going forward, Onstate is looking to assist YBS in entering new financial market niches and building new online sub-brands, as well as introducing viral marketing techniques. Gerard Corcoran, Group Chief Executive, Real Affinity plc, commented: "This represents a significant new customer win for Onstate. We look forward to working closely with Yorkshire Building Society to grow its customer base and build brand awareness through creative and targeted email campaigns and to enhance its existing customer relations via introducing online audit trails."
£1.2 million fundraising appointment of new brokerReal Affinity plc, (“Real Affinity” or “the Company”), the AIM quoted marketing services group, announces that, subject to Admission, it is raising a total of £1,200,000 (before expenses) by way of a placing (“the Placing”) to institutional and other investors at a price of 0.125p per share (“Placing Price”). Of this total £40,000 was subscribed for by certain directors and staff of Real Affinity. The Company has issued and allotted a total of 960,000,000 new Ordinary shares (“Placing Shares”) through the Placing. The total number of shares in issue after the Placing will be 1,621,853,053. The monies raised will be used to provide working capital and investment in additional resources so that further new business can be generated. The Placing was undertaken by HB Corporate, as agent for the Company. The Company announces the appointment of HB Corporate as the Company's Broker with immediate effect. Gerard Corcoran, Group Chief Executive, Real Affinity plc, commented: “The monies raised will enable the Board to build upon the work done to date. As the Board stated at the recent EGM, whilst we are seeing an improved performance in the second half of the current financial year, the full benefits of the rationalisation programme that we have carried out over the past 10 months will be seen in the 2006/7 financial year. “Despite the recent challenges we have continued to win new clients and we now look to achieve further growth. “We have an improved underlying business, with a quality client base that we can continue to develop.” 13 March 2006 ENQUIRIES:
Amendment of purchase agreements In order to facilitate the placing, restrict the potential dilution of the share base and conserve its cash resources, the Company and vendors have agreed to amend, conditional on Admission, the terms of the share purchase agreements originally entered into between the Company and the respective vendors of Navigator: The Sports Business (“Navigator”) and Holly Benson Communications Limited (“Holly Benson”) to acquire all of the issued share capital of Navigator and Holly Benson on 8 January 2004 and 16 August 2004 respectively. The £880,000 maximum final consideration which was originally payable equally in cash and shares to the Holly Benson vendors by 30 April 2006, dependent upon performance, will now be amended as follows:
The terms of the final deferred payment due under the original agreement in relation to Navigator, which was a further amount of up to £3,181,360 payable by 31 July 2006 in new shares in Real Affinity, based on the profitability of Navigator for the year ending 31 March 2006, are now amended as follows;
As Mr G Corcoran and Mr G Hedges are directors of the Company, and are also a Navigator vendor and Holly Benson vendor respectively, the above variations fall under Rule 13 of the AIM Rules as “Related Party Transactions”. As such, the other Directors of Real Affinity (excluding Mr Corcoran in the case of the Navigator variation and Mr Hedges in the case of the Holly Benson variation), including Mr Brent Fitzpatrick, the independent non-executive director, having consulted with Brewin Dolphin Securities, the Company’s nominated adviser, believe that the terms of the relevant deeds of variation are fair and reasonable insofar as its Shareholders are concerned. In addition, Mr Corcoran, Mr Hedges, and other Navigator vendors have invested £36,000 in the Placing. This also constitutes a related party transaction under the AIM Rules. Mr Brent Fitzpatrick, the independent non-executive director of Real Affinity, having consulted with Brewin Dolphin Securities, believes that the terms of the transaction are fair and reasonable insofar as its Shareholders are concerned. Of the above investment, Mr Corcoran and Mr Hedges have invested £13,500 and £5,000 respectively in the Placing for 10,800,000 and 4,000,000 new ordinary shares at 0.125p per share. Following the Placing, Mr Corcoran and Mr Hedges own 133,099,300 and 8,906,088 shares respectively, representing 8.21 per cent and 0.55 per cent of the enlarged issued ordinary share capital. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to AIM. Admission is expected to become effective on 30 March 2006. The Placing Shares will rank pari passu with the existing shares in issue.
navigator powers iota's commercial driveNavigator, the wholly-owned sports and leisure subsidiary of Real Affinity plc, the AIM quoted marketing services group, has entered into a multi-year agreement with the International Offshore Team Association (“IOTA”). Under the agreement, which is effective from 1st March 2006, Navigator will be IOTA’s sole and exclusive worldwide commercial representative. Navigator’s responsibilities will include securing and managing all commercial partners, sponsors, suppliers, licensing and merchandising for the UIM Class 1 World Powerboat Championship series. (“Class 1”). The Class 1 World Powerboat Championship is an exhilarating spectacle and one of the most dramatic series in international motorsport, where the pilots & throttle men compete for the most coveted prize in global powerboat racing. Under the Chairmanship of His Excellency Sheikh Hassan, Class 1 sets the standards with state of-the-art boat design and leading edge technology. The Championship comprises of a minimum of eight Grands Prix throughout the World and currently has 10 teams competing with 42ft, twin engined 900hp composite catamarans capable of speeds exceeding 160mph. The 2006 season commences with the Qatar Grand Prix in Doha at the end of this month and concludes with the Dubai Grand Prix in December Matthew Argenti, Commercial Director, Navigator Sports, commented: “We are extremely pleased with this latest contract win, which provides further testimony to Navigator’s ability to deliver customer-focused solutions within the highly competitive international sports marketplace. We look forward to working closely with IOTA and taking Class 1 into commercially exciting new areas” Marco Sala, General Secretary for IOTA said: “Class 1 is rapidly gaining momentum and this season we have more entrants, more races and more interest in our World Powerboat Championship than ever before. With this background of confidence in our sport we very much welcome Navigator as a key element in helping IOTA capitalise our assets” 8th March 2006
board changesReal Affinity is pleased to announce the following additions to the Board. Geoff Hedges, the current managing director of the Company's Holly Benson division, joins the Board. Paul Thompson, the current finance director of Holly Benson, joins the Board as Finance Director. 27th February 2006
navigator appointed by ever moving circle internationalReal Affinity announces that its wholly-owned subsidiary Navigator: The Sports Business Ltd has been retained by Netherlands based Ever Moving Circle International as its UK representative. EMC has devised and patented a unique series of DVD products cut into shapes that provide an exciting alternative to both standard DVD sports highlights packages and to the traditional sticker collection concept. Navigator will be responsible for the promotion and marketing of these products in the UK, and for working with EMC to support its activities in football and other sports world wide. EMC’s “Shirt Shape®” product is already proving a huge success in the Netherlands, with deals announced with the KNVB (Dutch FA) for a collection of Dutch National football team Shirt Shape® DVDs to be offered to the public as the World Cup approaches, and with leading soccer club sc Heerenveen. In England, EMC is already Charlton Athletic FC’s official DVD partner. EMC’s products can be cut to a wide range of shapes that are instantly associated in the fans’ minds with their favourite club, sport, or individual. The DVDs play perfectly either on a DVD machine, or in a Personal Computer. Because of this, they are able to offer high-quality sports or entertainment action as well as allowing for interactivity with associated websites. Navigator Chairman, Glen Kirton, said “the Shirt Shape® product offers an exciting new way for fans to be involved with their heroes. It takes the collectability idea to a new level. We believe it will be an enormous success in the UK.” For EMC, Managing Director Wim Tuijl said “we believe we have developed a unique product with application across a large number of sports and other activities. We are delighted to have Navigator on board to help us achieve our goals.”
result of egmThe Board of Real Affinity plc, ("Real Affinity" or "the Company"), the AIM quoted marketing services group, confirms that all Resolutions were passed at today's EGM. The Board also made the following statement : " As stated at the time of the interim results, the first half of the year was focused on reducing the fixed cost base and this has been achieved successfully, without damaging the underlying business. " Staff costs have been reduced by an annualised sum of £550,000 net, with a further £120,000 saving on office rental and other costs. In total the cost base has been decreased by approximately 19%. A large proportion of the redundancy costs, and all of the office relocation costs, were incurred and expensed in the six month period to 30th September 2005. " Trading across all divisions subsequently has improved; with a number of significant new business or incremental business wins from Card Protection Plan, Teletext, EMC BV, and, through a co-operative arrangement with another agency, projects with Honda and Mercedes. The Company has achieved record sales in two of the last five months and made an operating profit, after plc costs, in January 2006. The Board is optimistic that this growth will continue across each of its operating subsidiaries." In summary, Gerard Corcoran, Group Chief Executive, Real Affinity plc, commented: "The Board is now looking to build on all the hard work of the management and staff over the past ten months. Whilst we are seeing the improved performance in the second half of the current financial year, the full benefits of the rationalisation programme will be seen in the 2006/7 financial year. We now have a stronger underlying business, with a quality client base that we can expand upon. We are also implementing a new group structure which will provide a greater focus for the business and accelerate our growth potential." The Company also announced last week that Stuart Pearson, the Non-Executive Chairman, had stepped down. The Company is still in discussions with the new management of Langbar regarding the recovery of costs in relation to the lapsed bid but, prudently, any possible payment has been excluded from budgets going forward.
building relationships with customers – ladders wins welcome programme from hitachi capitalFollowing a competitive pitch, The Ladders Agency (“Ladders”) has secured a new direct marketing brief from Hitachi Capital, one of the country’s leading finance providers of point of sale credit facilities and is the chosen finance partner of many of the UK’s most respected high street names. Initially Ladders will be focusing on planning and creating the welcome pack that will introduce Hitachi Capital ‘the name behind the store finance’ to customers on their base. They hope to then analyse the success and collate information for future ‘timely’ marketing material promoting the range of financial and insurance products that Hitachi Capital provide. John Atkinson, Head of Marketing (B2C) at Hitachi Capital, said: “We were all extremely impressed with the enthusiasm, interpretation of the brief and the fresh creative solutions that Ladders presented.” Lee Thawley, Client Services Director at Ladders, commented: “Hitachi Capital were looking for an agency with an imaginative approach to introducing customers to the Hitachi Capital brand. We were able to draw on our experience of working on a wide range of financial products and services and combined this with highly creative and appealing business-to-consumer solutions.
real affinity announces sponsorship deals with konami and davies sports for the abc challengeReal Affinity announces that its wholly-owned subsidiary Navigator: The Sports Business Ltd has signed two sponsorship deals for the ABC Challenge – a schools exercise programme. Konami, the video game company, will utilise the ABC Challenge to promote its Dancing Stage video game and Davies Sports (part of Findel Education) will promote its range of sports equipment to schools via its association with the ABC Challenge. The ABC Challenge which adopts the slogan “Learning through exercise” is a teambuilding and fundraising programme delivered by Evolve Sport which is wholly owned by Navigator. Graham Morgan, Sports Director for Navigator said “The ABC Challenge is part of the extended programmes we have planned for schools and adopts the successful mechanism of the Schools Football Initiative which has been running for twelve years. "Winning the Olympics for London has created interest in the area of schools sport where we have a particular specialist expertise."
navigator awarded bluewater contractReal Affinity announces that its wholly-owned subsidiary, Navigator, has been appointed exclusively by Bluewater, Europe’s premier shopping and leisure destination, to implement market research to enhance the latter’s commercial strategy and to cultivate long-term brand partnerships. In the first phase of the contract, Navigator will conduct both qualitative and quantitative research into the perception of the Bluewater offering within the commercial sector. This will produce essential information to help Bluewater refine and develop its commercialisation strategy. In phase two, Navigator will identify and recruit corporate partners, whose offerings will enhance the Bluewater experience for its visitors. Real Affinity’s Chief Executive, Gerard Corcoran, said: “Navigator is best-known for its expertise in sports and leisure marketing and its highly talented team has the requisite experience and vision to offer a fresh perspective on enhancing the commercial activity of Bluewater and subsequently the guest experience. “This represents an enormous opportunity for Real Affinity to draw on the breadth of skills and services that the Group as a whole can provide, from strategic planning, creative design and brand development through to project management. Our ability to offer a fully integrated marketing solution, focused on enhancing the Bluewater brand experience, was key in winning this important new client for the Group. ” For further information contact: Real Affinity plc Gerard Corcoran, Group Chief Executive Officer Tel: 01274 421 700 Brewin Dolphin Securities Neil Baldwin Tel: 0113 2410 130 Bankside Consultants Sue Scott/Michael Padley Tel: 020 7444 4140 Notes to Editors: About Real Affinity Real Affinity, which floated on AIM in March 2001, provides integrated marketing and communications services, from brand building and direct marketing to web consultancy for a wide range of blue chip clients. With offices in London and Bradford, it has a number of subsidiaries including Navigator, the sports and leisure business; Holly Benson, the full service marketing communications agency; Ladders, a direct marketing subsidiary; and Onstate, its digital web agency. About Bluewater Situated just off the M25 near Dartford in Kent, Bluewater is Europe's largest and most innovative retail leisure destination, attracting some 27 million visitors a year. It is the flagship European development of international property and financial services group, Lend Lease Corporation. With over 320 stores in three malls, a 12-screen cinema and an extensive range of activities for children, Bluewater offers an unrivalled range of shopping and leisure facilities, all with the aim of making shopping an enjoyable, and stress-free, experience.
board changesThe Group announces that Mark Richardson, Chief Executive of Real Affinity, has resigned from the Board for personal reasons with immediate effect. He is replaced by Gerard Corcoran who joined the Group last year as a main board director upon Real Affinity's acquisition of Navigator: The Sports Business Limited. Navigator has performed well under Mr. Corcoran's guidance and is contributing significantly to the recovery of the Group. This has complemented the good performance of the Group's other acquisition last year, Holly Benson, which recently achieved its first earn-out milestone. Although the core direct marketing business has not yet returned to profitability, recent senior appointments and restructuring have boosted the Board's confidence in its ability to make a meaningful contribution to the Group going forward. Real Affinity Chairman, Stuart Pearson, said: "I would like to thank Mark for his contribution to the Group and wish him well for the future. Gerard, our new Chief Executive, has already proved himself to be a highly capable manager so your Board is confident that we have with the right team in place who can push the business forward aggressively and deliver strong results for our shareholders ". "We remain focused on achieving greater critical mass, whilst maintaining a high quality service offering. In line with this, we continue to actively pursue our stated strategy of identifying and acquiring companies that will broaden the Group's offering and increase shareholder value. "
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