XLMedia details strategic review plans

Digital marketing services operator XLMedia has appointed Canaccord Genuity Limited to undertake a strategic review of the business.

In a statement conforming the appointment, XLMedia said that the review would focus on the strategic options open to the firm with the intention of considering “all opportunities for maximising value for shareholders”.

XLMedia added that the review will be “wide ranging” and could include a corporate transaction, such as the firm acquiring complementary businesses, a merger with, acquisition of or subscription for the company's securities by a third party, or a sale of the business.

Canaccord Genuity will serve as lead financial adviser through the review, with Cenkos Securities taking on the role of financial adviser.

“Since the company's initial public offering in March 2014, the company has consistently reported strong financial performance, continually invested in organic growth opportunities, completed several successful earnings enhancing acquisitions and declared $21.25 million (€19.6m) in dividends to shareholders,” XLMedia added in its statement.

“Notwithstanding this and the company’s financial strength, the directors of the company have determined it is appropriate to evaluate opportunities to maximise value for the company's shareholders.”

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