Printing and card services group Oakhill, soon to be known as Prime Active Capital, wants to grow its turnover to more than €400 million through acquisitions in the printing and telecom sectors, its new chairman said yesterday.

Speaking after the group's agm in Dublin, Peter Lynch outlined plans to expand the existing business, which has turnover of about €30 million, through acquisitions in the UK, US and Europe.

Mr Lynch took over the helm of the troubled printing company in May and yesterday received shareholder approval for all his proposals for the group.

These include changing the company's name to Prime Active Capital to better reflect the purpose of the business, the consolidation of the group's existing share capital on the basis of one new ordinary share of 50 cent for every five existing 10-cent shares, and a share placing to raise funds to expand the business.

Mr Lynch said the placing, which raised €15 million through the sale of 42.8 million shares, had been very well received.

At yesterday's meeting he also won shareholder approval for the issue of more new shares in the future should the company require additional cash to make an acquisition.

Mr Lynch said that following an assessment of Oakhill's existing printing and card services business he was happy with the operations, though he would be seeking new premises to help the businesses expand.

On the printing side he said the group would look to expand into the digital arena and grow revenue in this area to between €100 and €200 million.

He also said the group would seek acquisitions in the area of telecommunications, though not in Ireland, and would look to grow that business to revenues of as much as €200 million too.

Mr Lynch has past experience in both the printing and telecoms sectors following his managerial roles at Adare Printing and Eircom. Shares in Oakhill gained 2.6 per cent, or 1 cent yesterday to end the day at 40 cent, though volume was light with only 5,000 shares changing hands.