Wyndeham Group News > Acquisition of Icon Reproduction Ltd

Acquisition of Icon Reproduction Ltd

27th February 2006

The Wyndeham Press Group plc, one of the largest pre-press and print groups in the UK, today announces the acquisition of Icon Reproduction Ltd ("Icon"), a London based pre-press business, for an initial consideration of £2 million, comprising £1.3 million payable in cash funded by a bank loan, and the issue of 524,348 new ordinary shares in Wyndeham in respect of which application will be made for listing, with a further deferred element of £1.8 million payable, dependent on performance in the financial years ending 2006 and 2007. The deferred element is payable, at the option of the Company, as to two-thirds cash and one-third shares, or entirely in cash.

The acquisition complements Wyndeham’s established portfolio of print and pre-press businesses and will enhance the range of solutions it can offer to the UK publishing market. Icon will be fully integrated into Wyndeham’s Pre-Press division which consists of Wyndeham Argent, and the Wyndeham Graphics group of businesses which were acquired by the Group in March 2004. The joint management teams will develop plans to implement common technological platforms and operational practices over the coming months.

Icon was established in 1994 by directors Paul Steggle and Mark Bauer who will continue as executive directors within Wyndeham Pre-Press. The Company is a growing pre-press business and produces a wide range of digital pre-press and technology solutions for a number of UK publishing houses.

Application will be made to the UKLA and to the London Stock Exchange for the 524,348 consideration shares to be issued to be admitted to the Official List and to trading on the London Stock Exchange. Admission is expected to occur on 2nd March 2006.

Commenting on the acquisition, Paul Utting, Chief Executive, Wyndeham Press Group, said:
“The UK pre-press industry will benefit from increased consolidation, and Icon is a growing and well respected business with the opportunity to develop greater synergies with Wyndeham’s existing pre-press division. By bringing these businesses together we can achieve greater economies of scale and our customers will be able to utilise the industry’s leading technologies.”

Paul Steggle, Joint Managing Director, Icon Reproduction commented: “We are fully committed to working with Wyndeham and believe that Icon and our customers will benefit from being part of a large pre-press and print group. We believe that the combination of our people, skills and technologies will make Wyndeham Pre-Press an even more compelling force in the UK publishing industry.”