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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Argentvive | LSE:ARGV | London | Ordinary Share | GB00B2425T97 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMARGV
RNS Number : 9409L
Argentvive PLC
20 January 2009
ArgentVive plc
("ArgentVive" or the "Company")
Sale of business assets of AuctionAssist
ArgentVive announces that it has completed the sale of the business assets of
its wholly owned subsidiary AuctionAssist Limited ("AuctionAssist") to retailOn
Limited ("retailOn"). retailOn is a company owned by the management of
AuctionAssist. The total maximum consideration is GBP76,000 to be paid out of
profits achieved over the three years to 31 December 2011. ArgentVive will also
receive a 24% shareholding in retailOn.
AuctionAssist, is a provider of asset value recovery solutions for distressed
inventories, which was acquired by ArgentVive in October 2007 but which has been
loss making since acquisition. The losses for the nine months to 31 December
2008 were approximately GBP300,000. AuctionAssist has negligible tangible
assets and will require additional financial support to continue
trading, support which ArgentVive was unable to continue to provide. The Board
believes that the sale of AuctionAssist is in the best interest of the Company's
shareholders.
The Board continues to explore further restructuring alternatives that are
necessary to secure the Company's future and further announcements will be made
in due course.
Enquiries:
+--------------------------------------------+--------------------------+
| ArgentVive plc | Tel: 01932 569912 |
| Kevin Fleming | |
| | |
+--------------------------------------------+--------------------------+
| Charles Stanley Securities | Tel: 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook / Carl Holmes | |
+--------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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