| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: PROPERTY |
Fri 12 May 2006
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 | | LONDON (SHARECAST) - Property investment firm CLS leapt this afternoon on news it has more than doubled its stake in Sweden’s Lunarworks to more than 97% having bought over 5m shares at 259p each.
The acquisition values Lunarworks, an internet-based youth community generating revenues from advertising and membership fees and services, at around £28m.
The cost of the entire investment for CLS is £16.9m, providing an annual return of over 10%.
As a result of these acquisitions, CLS is able to compulsorily acquire the outstanding shares not already owned by it.
CLS invested in Lunarworks, a private Swedish company established in 1999 as a start-up, in 2000. In the year to December 2005, it produced revenues of £5.2m and generated EBITDA of £1.9m from ongoing operations.
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