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Date: Monday 06 Oct 2008

LONDON (ShareCast) - Private firm Progressive Capital has made a recommended cash offer for the remaining shares it does not own in the business media outfit SPG Media.

The offer values SPG Media at approximately £11.85m. The 13p per share offer is approximately a 70.5% premium to the closing price of SPG on 12 August, the last day prior to SPG announcing the beginning of the offer period.

“The SPG Media board believes that the business has an excellent chance of achieving satisfactory levels of growth and profit in the medium to long term. However, the SPG Media Board considers that the current market valuation of SPG Media fails to reflect fully its underlying value,” said chairman Stephen Davidson.

“The offer gives certain value now by providing SPG Media Shareholders with a cash exit for their existing shareholding at a significant premium,” he added.

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