Staging Connections Acquires Essential Lighting Group UK And Minority Interest Of The Event Company Singapore

Staging Connections Acquires Essential Lighting Group UK And Minority Interest Of The Event Company Singapore
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Events services company, Staging Connections Group Limited (ASX:STG) has acquired 100% of UK based Essential Lighting Group Limited for a cash consideration of A$17 million and acquired the 30% minority interest in Singapore based The Event Company for A$3 million in cash and shares. The acquisitions, which are effective from 1 November 2007, are expected to boost annual EPS by 2 cents, given the mix of cash and shares used and based on pro-forma annualised performance for the 12 months to 30 June 2008. Established in 1993, Essential Lighting is the UK’s premier event lighting organisation and is expected to deliver annualised revenue of A$14 million with strong margins. The company is a leader in the European live events market, providing full service lighting solutions for the region’s major corporate and entertainment events. “Essential Lighting is an excellent fit with our growing network of global event services,” said STG Chief Executive, Michael Gardner. “The company is internationally recognised for its creative energy and technical lighting services. Essential Lighting has a strong management team, a stable core employee base of 60 and a strong track record of revenue and earnings growth,” Gardner said. The purchase enhances STG’s operations in the European, Middle East and African (EMEA) region and delivers a strong base for entry into the UK and European live events market. ‘We are very excited about the opportunities presented by becoming part of a global, professional group of event specialists,” said Essential Lighting Managing Director, Martin Locket. “We remain focused on supplying our clients in the UK and Europe live events industry with the best equipment and support for every size of event.”
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