Tangent Announces A Placing to Raise £10million to Acquire Goodprint & Transform its Presence in the Rapidly Growing Online Customisation Market

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The Company announces today that it will acquire the entire issued share capital of Goodprint (the "Acquisition"). The aggregate consideration for the Acquisition is £10,225,647.40, which has been calculated on the assumption that Goodprint's balance sheet includes £3,400,000 of cash at Completion (subject to the payment of certain tax liabilities totalling no more than £78,000).  Accordingly, the net consideration is £6,825,647.40.
 
Goodprint is an online publisher based in the United Kingdom, offering the creation and delivery of marketing material to businesses and personal customers.  Goodprint was incorporated in 1992 and has approximately 20 employees
Goodprint operates online through the brand name "Goodprint" in the UK and US markets, and "Smileprint" in other international markets.
 
The Acquisition Agreement is conditional on (inter alia): (i) the passing of the Resolutions at the General Meeting; (ii) the Placing Agreement not having been terminated in accordance with its terms; and (iii) receipt of the proceeds of the Placing by the Company.
 
Timothy Green, Chief Executive Officer of Tangent, commented:
 
"Goodprint will sit alongside the existing printed.com business to create a multi brand web division. Printed.com has seen revenues grow by more than 100% in the six months to the end of August 2012. We believe that the combined company will be a major force in the rapidly growing market of small businesses and consumers who value the convenience online customisation and personalisation offers.
"Through the acquisition, Tangent will gain instant access to an international market since Goodprint already operates in 17 countries, including Germany, France, and the Netherlands. The deal will also boost Tangent's portfolio with access to a greater range of creative templates for marketing materials, over 120,000 new customers across Europe and an immediate presence on mobile.
"This acquisition represents a step change for our business. This industry is expanding and we intend to be amongst the leaders".