Tremor International Ltd Changes to post-offer intentions re. RhythmOne (5389E)
04 Luglio 2019 - 01:40PM
UK Regulatory
TIDMTRMR
RNS Number : 5389E
Tremor International Ltd
04 July 2019
THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE
REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE "CODE"), WHICH, INTER ALIA, SAVE WITH THE CONSENT OF
THE PANEL ON TAKEOVERS AND MERGERS, REQUIRES A PARTY TO AN OFFER TO
PROMPTLY MAKE AN ANNOUNCEMENT SHOULD IT DECIDE TO TAKE A COURSE OF
ACTION DIFFERENT FROM ITS STATED INTENTIONS DURING THE PERIOD OF 12
MONTHS FROM THE END OF THE OFFER PERIOD EXPLAINING ITS REASONS FOR
SO DOING.
04 July 2019
Tremor International Ltd
("Tremor" or the "Group")
Changes to state post-offer intentions with regard to
RhythmOne
Tremor International Ltd (AIM: TRMR), a global leader in
advertising technologies, announces that further to the completion
of its recommended offer for the entire issued and to be issued
ordinary share capital of RhythmOne plc ("RhythmOne"), which was
effected by way of a scheme of arrangement under Part 26 of the
Companies Act 2006 on 01 April 2019 (the "Merger"), its board of
directors (the "Board") has undertaken an action which differs from
the statements of intent made pursuant to Rules 2.7(c)(iv) and 24.2
of the Code (the "Published Intentions"), as set out in its
announcement of 04 February 2019 and the scheme document published
on 25 February 2019 (together, the "Offer Documentation").
Action Taken
Further to a detailed review of RhythmOne's operations post
completion of the Merger, the Board has identified business
functions within RhythmOne that were not operationally efficient.
In order to create a lean ROI-driven group to maximise shareholder
value the Board has decided to close RhythmOne's Chennai office and
certain associated product lines. The remaining products that were
ran from the Chennai office have now been consolidated the Group's
development office in Tel Aviv in order to increase the development
productivity and improve cost efficiency of the Group's R&D
function.
The consolidation of the R&D function will also better serve
the future development needs of the Group as a whole.
The integration of RhythmOne is progressing well, with a number
of initiatives already implemented, including the integration of
Tremor Video and YuMe's respective sales operations in the US. As a
result of the rapid progress on the integration of RhythmOne, we
now expect to deliver c. $20 million of cost savings and synergy
benefits in the current financial year (on an annualised basis) and
expect RhythmOne to make a meaningful contribution to the bottom
line in the following year.
The Board does not currently intend to make any further material
reductions in Group headcount.
For further information please contact:
Tremor International Ltd Tel: +972 3 545 3900
Ofer Druker, Chief Executive Officer
Yaniv Carmi, Chief Financial Officer
finnCap Ltd (Nominated Adviser) Tel: +44 (0)20 7220
Corporate Finance - Jonny Franklin-Adams, James 0500
Thompson, Hannah Boros
ECM - Tim Redfern, Richard Chambers
Vigo Communications (Financial Public Relations) Tel: +44 (0)20 7390
Jeremy Garcia 0230
Antonia Pollock
Charlie Neish
tremor@vigocomms.com
About Tremor International
Tremor International Ltd is a global leader in advertising
technologies, operating in more than 70 countries. It has three
core divisions: Tremor Video (brand advertising), Taptica
(performance advertising) and RhythmOne (media).
Tremor Video helps advertisers deliver impactful brand stories
across all screens through the power of creative video
intelligence-innovative video technology combined with advanced
audience data and captivating creative. Tremor Video is one of the
largest and most innovative video advertising companies in North
America, with offerings in CTV, influencer marketing, and private
marketplaces.
The Taptica performance business is an end-to-end mobile
technology advertising platform that helps the world's top brands
reach their most valuable users with the widest range of traffic
sources available today. Its proprietary technology leverages big
data to target quality media at scale. It works with more than 600
advertisers including Amazon, Alibaba, Bytedance, Netmarble,
Stubhub and OpenTable.
RhythmOne drives real business outcomes in multiscreen
advertising. Its highly-ranked programmatic platform efficiently
and effectively delivers performance, quality, and actionable data
to demand and supply-focused clients and partners - and its
influencer marketing offering fosters action and awareness by
connecting brands with influencers who create and distribute
branded content to engaged consumers.
Tremor International Ltd is headquartered in Israel and
maintains offices throughout the US and Canada, Asia-Pacific,
Europe, India, and Latin America, and is traded on the London Stock
Exchange (AIM: TRMR).
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July 04, 2019 07:40 ET (11:40 GMT)