The Local Radio Company plc (?TLRC?) is pleased to announce that it has made an offer to acquire the remaining shares in South West Sussex Radio Limited, trading as ‘Spirit FM’ that it does not already own, representing 53% of the Company.
The TLRC offer is ?12 per share in cash or ?13.50 in TLRC shares, valuing the entire business at approximately ?3.1 million and ?3.5 million respectively.
Spirit FM is a large independent commercial radio station broadcasting on the South Coast to Chichester, Bognor Regis and Littlehampton on 96.6FM & 102.3FM. In the last published RAJAR Q3 2004, the station had 33,000 listeners per week and total listening hours of 290,000. In addition, the station has increased it?s coverage by the installation of a new relay for the area extending from Midhurst to Horsham broadcasting on 106.6FM.
In the year ended 30 September 2004, Spirit FM had total sales of ?925,000 and profit before tax of ?137,000. Its audited net assets were ?278,000 including cash of ?257,000 at 30 September 2004.
Richard Wheatly, Chief Executive of TLRC said: ?Spirit FM is another excellent acquisition for our Company. It is a leading station in its market, has a great team and makes good profits. We are delighted to welcome it to the Group and its presence will greatly strengthen our coverage of the South Coast?.