The business was founded by Oliver Ragg
who has rapidly developed a successful travel portal business.Having graduated from the University of Birmingham withan Honours Degree and PhD in 1994, Oliver
has held senior technical roles atboth Honeywell Electronics and, more recently, Gold Medal Travel Group prior toestablishing Flight Comparison
in 2003.Oliver has entered into a three year employment agreement with the Company to continue as Managing Director of FlightComparison.
The total consideration for the acquisition of the Company is comprised of aninitial payment of £270,000 and an earn out consideration equating to 25% of adjusted pre tax profits generated over the three year period ending 30September 2009.These further payments are capped at a total of £0.5 million.The Company is also making an additional payment of £205,000 for the fair value of the Companyhich on acquisition is pound,215,000,including £175,000 cash.As further consideration Oliver Ragg
has been granted warrants to subscribe for 500,000 shares in Media Corporation plc
at a price of 6 pence per share.
...Oliver Ragg, Managing Director, Flight Comparison said,