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Tim Weller - CEO - Incisive Media - 13 Good Years

Entrepreneurs World Event - 11 January 2011 - A reminder for those that were there - A flavour of the meeting for those that could not make it

Tim Weller Founder and CEO Incisive Media 13 Good Years http://www.wilmington.co.uk/ http://www.wilmington.co.uk/ http://econsultancy.com/uk/blog/2520-q-a-incisive-media-s-tim-weller-on-b2b-publishing-online http://econsultancy.com/uk/blog/2520-q-a-incisive-media-s-tim-weller-on-b2b-publishing-online http://vernimmen.com/html/glossary/definition_reverse_flex.html http://vernimmen.com/html/glossary/definition_reverse_flex.html http://en.wikipedia.org/wiki/Earnings_Before_Interest,_Taxes,_Depreciation,_Amortization,_and_Restructuring_or_Rent_Costs http://en.wikipedia.org/wiki/Earnings_Before_Interest,_Taxes,_Depreciation,_Amortization,_and_Restructuring_or_Rent_Costs http://www.imaclimited.com/news.asp?PageID=72&CurrentPage=1&MediaID=897 http://www.imaclimited.com/news.asp?PageID=72&CurrentPage=1&MediaID=897 http://en.wikipedia.org/wiki/Incisive_Media http://en.wikipedia.org/wiki/Incisive_Media http://www.incisivemedia.com/corporate/index http://www.incisivemedia.com/corporate/index http://www.imaclimited.com/default.asp?PageID=1 http://www.imaclimited.com/default.asp?PageID=1 Tim Weller - Questions and Answers Tim Weller - Questions and Answers http://www.alm.com/ http://www.alm.com/ http://www.caledonia.com/ http://www.caledonia.com/ http://www.pressgazette.co.uk/story.asp?storyCode=22641&sectioncode=1 http://www.pressgazette.co.uk/story.asp?storyCode=22641&sectioncode=1 http://www.apax.com/EN/ http://www.apax.com/EN/
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Tim Weller Founder and CEO Incisive Media 13 Good Years

1. 1982
1.1 Journalist
1.2 Salesman
1.3 VNU
1.3.1 IT Recruitment

2. 1987
2.1 Centaur
2.1.1 Start Up
2.1.2 Legal & Financial Portfolio
2.1.3 Money Market
2.1.4 Big Ticket Salary
2.1.5 Share Options

3. 1989
3.1 Director
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4. 1994
4.1 Reuters
4.1.1 Recruited with a False Promise
4.1.2 Researched for 6 months
4.1.2.1 eMap
4.1.2.2 Money Week
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4.1.2.3 Narrow Cast
4.1.3 1994
4.1.3.1 Accused them of Misrepresentation
4.1.3.2 They Chequed Me Out
4.1.3.2.1 It could have been bigger
4.2 Founded Incisive Media
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4.2.1 Incisive Media Wikipedia
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5. 1995
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5.1 Incisive Media Start Up
5.1.1 Raised Money
5.1.1.1 SG Warburg
5.1.1.1.1 Enterprise Investment Scheme
Tax free personal investment
5.1.1.2 Raised £275,000
5.1.2 Buying upfront
5.1.2.1 Paper
5.1.2.2 Office Furniture cost £7
5.1.2.2.1 A bit more to deliver it.
5.1.2.3 3 Independent Non-Execs
5.1.3 Profit in First Year
5.1.4 Adopted Early
5.1.4.1 Events
5.1.4.1.1 Conferences
5.1.4.1.2 Summits
5.1.4.2 Internet
5.1.4.2.1 1996 Brochure Ware Web site
5.1.4.2.2 Which made money

6. 2000
6.1 Fifth Anniversay
6.1.1 We had a tax free gain from our investment
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6.1.2 Figures
6.1.2.1 Turnover £18m
6.1.2.2 Profit £3m
6.1.3 Could we sell?
6.1.3.1 Choose HG Capital to investigate
6.1.3.1.1 Offered
6.1.3.1.2 7 months due diligence
6.1.3.1.3 They messed us about
6.1.3.1.4 Wrong Chemistry
6.1.4 August Equity
6.1.4.1 Shares purchase of Timothy Benn Publishing
6.1.4.2 We knew how to integrate them
6.1.5 We still needed Capital
6.2 May
6.2.1 Looking to Float
6.2.2 Improve Board Structure
6.2.3 Private Equity Partner
6.2.4 Financial Director
6.2.4.1 Jamie
6.3 December
6.3.1 Floated
6.3.2 £75m
6.3.3 120 times original investment
6.3.4 170p share value
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7. 2003
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7.1 50p per share
7.2 13% underlying organic growth

8. 2006
8.1 £230 million market capital
8.2 Keen to get but failed
8.2.1 Wilmington
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8.3 Talked to lots of private equity investors
8.4 Apax Partners
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8.4.1 September bid for our business
8.4.2 x16.7
8.5 After 13 years
8.5.1 Looking to sell my shares
8.5.2 Sold at premium
8.6 We took the business off the stock market
8.6.1 Valued at £275 million
8.6.2 £240m was debt
8.6.3 £35m aquistion facility
8.6.4 9 times EBITA
8.7 Stub
8.7.1 Caledonian Investments
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8.7.2 25% to existing shareholders
8.7.3 Ingenious Media Active Capital
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8.7.3.1 Member Patrick McKenna Media Fund
8.7.3.2 Invested £32M into the stub
8.8 Syndicated to 18 banks
8.8.1 March 2007
8.9 3 months
8.9.1 Acquisition
8.9.1.1 Debt Purchase
8.9.2 Integration
8.10 Reverse Flex
8.11 Delivered 9.5 to 6.5
8.11.1 Bought Well

9. 2007
9.1 Acquiring Growth
9.2 August
9.2.1 ALM
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9.2.1.1 Bought for £630m
9.2.1.2 Foreclosure Advertising in one of six magazines
9.2.1.3 5 into 2 offices
9.2.2 IMAC invests more
9.2.3 RBS underwrote £450m
9.2.4 US Legal Market
9.3 Sept - Nov
9.3.1 Intended to Syndicate US debt. Didn't
9.3.1.1 No covenants
9.4 US and UK Business
9.4.1 Were separate

10. 2008
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10.1 May 08
10.1.1 Profit covenants - Gap
10.2 Leemans Collapsed
10.2.1 In our normally biggest quality!
10.2.2 Revenue declined 40% in some sectors
10.2.3 22% overall
10.2.4 Year in Year Decline for first time
10.2.5 EBITDAR
10.2.5.1 £28m 2007
10.2.5.2 £22m 2008
10.2.6 About to breach of our covenants
10.2.7 But only we can declare when we deliver our compliance certificate
10.3 Q&A- Incisive Media's Tim Weller on B2B publishing online - Econsultancy

11. 2011 and my Conclusions
11.1 Lessons
11.1.1 Negotiate with Core Credit
11.1.2 Constantly motivating staff
11.1.3 Against a background of cash in business
11.2 Actions
11.2.1 Banks installed incentive structure
11.2.2 Corporate Governance
11.2.3 Presenting to Shareholders twice a year
11.2.4 Revitalise and Re-energising Staff
11.2.5 Re grow Organically
11.2.6 Two new properties
11.3 Today
11.3.1 800 people
11.3.1.1 London
11.3.1.2 New York
11.3.1.3 Hong Kong
11.3.2 £24m Cash on Balance Sheet
11.3.3 Growth
11.3.3.1 Organic
11.3.3.2 Not Acquisition
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