Rock star turned media player Bob Geldof took aim yesterday at the fast-growing market for branded events, such as Dublin's St Patrick's Day celebrations, by buying advertising firm Osprey Communications Plc.
His media and events company 10 Alps Broadcasting Ltd is to acquire the British advertising agency to form an enlarged group worth £9 million sterling.
Under the terms of the deal, which will be a reverse takeover because 10 Alps is the smaller company, Osprey will carry out a 1-for-20 share consolidation and raise £3.45 million via a share placing at 23 pence apiece.
Osprey will then issue 11 million new shares to buy 10 Alps and Instant Party Ltd, a related company. Finally, the enlarged Osprey will rename itself 10 Alps - assuming everything proceeds as planned. "Bob will be a very hands on non-executive director," said a spokesman.
Mr Alex Connock, Geldof's partner in 10 Alps and part owner of Instant Party, will be chief executive of the new 10 Alps.
Mr Connock and Mr Geldof met at Planet 24, the television group of which Mr Geldof had been a one-third owner, which was later sold to Carlton Television.
Other ventures he has been involved in include founding Deckchair.com, the online travel company, which he sold to World Travel earlier this year in a near-£10 million deal.
