NEW contracts with a range of shopping centre owners will more than double the size of Vision Media Group's (VMG) advertising screen network, the group yesterday said.
Terms have been agreed, including agreements with two large property groups, wh
ich will add 33 shopping centres to the VMG network.
VMG already has screens in 22 shopping centres – including Braehead in Glasgow and the St James mall in Edinburgh – and a further 19 centres under contract, including the Almondvale centre in Livingston, the Bon Accord centre in Aberdeen and the East Kilbride shopping complex.
The expanded network will encompass 527 screens, including 350 of VMG's Iconic Pod portrait digital panels.
VMG, which has a market cap of about £4 million, said the average length of the new contracts is eight years with no minimal rental guarantees.
Mike Cottman, executive chairman of VMG, said:
"This latest raft of agreements marks the group's commitment to developing the UK's premier digital retail network utilising VMG's own ground-breaking Iconic Pods."
VMG was created through the merger of Screen FX and Screen Media Networks.
RUMOUR OF THE DAY
Page turns upward on new bid talkSHARES in Michael Page, the international recruitment firm, closed up 9 per cent last night at 360.75p after further rumours of another bid from Swiss rival Adecco.
"We are hearing there is speculation that Adecco could offer 500p for Michael Page," one trader said.
Michael Page has twice rejected as too low an offer from the world's largest recruitment firm for £1.3 billion, or 400p per share, but Steve Ingham, its chief executive, has said this was not the end of the matter. He said the company could be worth 600p per share or more.
Lesley Duncan, investment director of UK equities at Standard Life, which holds an 11 per cent stake in Michael Page, said: "The value of the business in our view remains significantly above the current share price".
The full article contains 333 words and appears in The Scotsman newspaper.
