Maiden Group announced this morning that its Irish subsidiary, Maiden Outdoor Advertising, had completed the £166,700 deal. National Outdoor Displays gets €156,654 in cash as well as 30,000 shares in Maiden Group in exchange for the sites.
Shares in Maiden Group have been on a rollercoaster over the past week, losing around 10% of their value after warning that turnover would not meet expectations, only to regain 4%. The French outdoor advertising company JCDecaux issued a statement as recently as December saying that it would not rule out making a takeover bid for the Maiden Group.
The company did not get off to a good start this year when it said that the advertising recovery had stalled in December, meaning it was unlikely to meet turnover forecasts.
However, Maiden said the start of 2003 was off to a good beginning with sales in January 50% ahead of last time, which was a poor month. Sales to date for February, it says, have already exceeded those achieved for the whole of February 2002 by 23%. Maiden has already booked 10% more revenue for the first quarter of 2003 so far than the whole of the first quarter of 2002.
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