PracticeConsultingGT striking Power chord in rock deal

GT striking Power chord in rock deal

Mid-tier firm Grant Thornton is acting as lead adviser in the Mean Fiddler's reverse takeover of meanfiddler.com, its internet spin-off that was floated on the Alternative Investment Market last May.

The move will allow Vince Power, the rock promoter, to bring his entertainment empire to the stock market after 18 years of private ownership.

Under the new deal, meanfiddler.com will acquire its parent company, Mean Fiddler Holdings, in a cash-and-share deal that will value the combined group at about £48m.

In addition, it is expected that meanfiddler.com will raise at least £10m through an institutional placing which will provide the cash element of the deal and working capital for the group?s expansion plans.

The Mean Fiddler empire was established in 1982 and is now one of the leading music festival and venue promoters owning such sites as the Jazz Caf‚ and the Forum in Kentish Town, London, as well as promoting the Reading and Fleadh festivals.

The deal will be classed as a related party transaction as Vince Power, Maurice Power and Melvin Benn, directors of the holding company, hold 46.3% of meanfiddler.com shares.

Following consultations with Grant Thornton, the other directors of meanfiddler.com accepted the terms of the acquisition. Future plans for meanfiddler.com include a music channel on digital television, exploiting the Mean Fiddler brand and continuing to grow the sales of tickets online.

Separately, Worldpop, the media company founded by former Radio One DJ Peter Powell has announced it has secured £5m second round funding, despite hostile market conditions for such financing.

The company, set up in 1999, provides pop music-related news and information to its predominantly teenage audience through the internet and text messaging.It has also backed tours by Mel C of the Spice Girls and Steps. The funding includes the first time investment of £3m by the private equity arm of investment bank Dresdner Kleinwort Benson.

Other existing investors include 3i Group, Chase Capital Partners, ETF Amadeus Capital Partners and Accelerator Group.

A flotation of Worldpop has been ruled out for the foreseeable future, but analysts believe the company could be a potential takeover target for a media company, internet portal or mobile phone operator.

Links

www.meanfiddler.com

www.worldpop.com

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer