Perform Group Confirm Stock Flotation / Announce New Chair
March 10, 2011
Leading digital media company Perform Group have, medstore as expected, floated a 25 per cent stake in the agency through an IPO on the London Stock Exchange with the hope of raising around US$113m.
A notice on the sports specialist agency’s site claimed the proceeds will be used to fund organic growth and further acquisitions.
Perform said it wants to exploit opportunities posed by new digital platforms such as tablet devices, as well as expand into high-growth markets like Russia and China.
The statement read: “Underlying social and technology drivers point to further growth in the rapidly developing global market for commercialising digital sports content. The directors believe the opportunities for Perform to monetise sports content rights are significant.”
The announcement also disclosed a new management structure that will see former CEO Paul Walker become non-executive chairman, replaced by Oliver Slipper and Simon Denyer as joint-CEOs.