Under the agreement, Global is to take up all available advertising space on two joint venture signs currently being erected in Istanbul's Taksim Square, under a 3 year wholesale advertising space deal grossing a minimum of US$3million for the three years.
The deal and the signs are subject to a joint venture agreement which entitles each of LUM and its partner to 50% of the net income from the signs.
LUM managing director Rodd Sala said, 'The Turkish outdoor advertising
market is fast growing and we may have originally underestimated its potential to the company. Outdoor spend is high, particularly in Taksim Square where it's understood local authorities are seeking to create a 'Times Square' image."
The parties have signed a heads of agreement and will finalise a formal contract incorporating more detailed terms and conditions by early February 2005. The Agreement will become binding upon Global paying a deposit of US$50,000 on or before 21 January 2005.
LUM shares closed up 1c to finish on 13c in heavy trading.