Electric Word PLC Sale of the business & assets of Speechmark Publis (2193P)

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RNS Number : 2193P

Electric Word PLC

15 November 2016

15 November 2016

Electric Word Plc (the "Company")

Sale of the business and assets of Speechmark Publishing Limited

The directors of Electric Word plc (the "Board") are pleased to announce the sale of the trade and certain assets of the Company's subsidiary, Speechmark Publishing Limited ("Speechmark"), to Informa UK Limited, trading as Taylor & Francis Group.

Speechmark is part of the Education division of Electric Word plc and publishes books and other associated products to support the education and practice of speech and language therapists and other professionals working in the areas of education, especially additional educational needs, mental health and elderly care.

The total consideration is being satisfied in cash, and comprises GBP1,850,000, with GBP1,665,000 payable on completion and GBP185,000 payable on the first anniversary of the completion date.

In the year ended 30 November 2015, Speechmark made a loss before tax of GBP179,892 (which includes a charge of GBP156,370 towards Company central overheads, and a management charge by the Company of GBP95,000) on turnover of GBP1,590,947. The value of the gross assets of Speechmark at 30 November 2015 was GBP5,336,010.

The Board would like to thank the staff of Speechmark for their dedication and hard work in this long-established and high quality business.

The sale of Speechmark follows the sale of Optimus Education Limited, announced earlier this month, and concludes the disposal of the Company's loss-making Education division. This completes the strategic process of refocusing the Company solely on the continued growth of its SportBusiness Group.

The Board is now reviewing the infrastructure and working capital necessary for the future development of SportBusiness Group and the extent, form and timing for returning cash to shareholders. A further announcement in this regard will be made in due course.

For further enquiries please contact:

Julian Turner, Chief Executive, Electric Word 020 7265 4170

Andrew Potts, Panmure Gordon 020 7886 2500

This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Notes to Editors

Electric Word plc is a specialist media group supporting professionals in the business of Sport through digital subscription services and bespoke research and consultancy. Our aim is to provide our customers with decision-critical data and market-leading analysis and expertise.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 15, 2016 06:01 ET (11:01 GMT)