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Tarsus - Turkish acquisition boosts prospects

July 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TRS
  • Price:
  • 145p
Tarsus has announced the acquisition of a 75% interest in IFO, a Turkish exhibition operator for a maximum £10m, funded by a placing of 11.3m new shares at 141p, raising £16m gross with the balance to pay down existing debt. Strategically this is an excellent deal, with Turkey having a rapidly growing and large economy and it increases Tarsus' revenues from emerging markets from 24% to 30% turnover.IFO owns three major shows, the largest being the biennial ASANSOR (2011 revenue: £1.6m), currently the second largest lift event in Europe, attended by 25,000 people. Growth is being driven by a strong refit program, driven by the age of existing stock as well as aligning Turkish regulations with stricter ones in the European Union. ...

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