Disposal of Education Division

 

TIDMHVX 
 
RNS Number : 0761I 
Huveaux PLC 
04 March 2010 
 

Huveaux plc 
For immediate release 
4 March 2010 
 
 
 
                                  Huveaux plc 
                          ("Huveaux" or the "Company") 
 
                          Sale of Education Division 
 
The Board of Huveaux (the "Board") is pleased to announce that it has today 
signed a conditional contract for the sale of the entire share capital of Letts 
Educational Limited and Leckie & Leckie Limited and the business and assets of 
Lonsdale (together the "Education Division") for a cash consideration of GBP10.0 
million, payable in full upon completion, to Harper Collins Publishers Limited 
(the "Disposal"). 
The Directors consider that the Disposal represents an opportunity to divest the 
business to a leading specialist with a commitment to the education sector on 
terms which are attractive to Huveaux when measured in the context of the recent 
performance of the Education Division. 
The Disposal is conditional, inter alia, on the completion of employee 
consultations and is expected to complete on or around 19th March 2010. 
The proceeds of the sale will be used to repay all of the Company's outstanding 
debt.  As at 31 December 2009, Huveaux had net debt of GBP6.6 million. 
The Education Division supplies study aids and revision guides in the UK across 
all subjects and stages of the UK schools curriculum.  In the six months ending 
30 June 2009, the Education Division generated revenue of GBP4.1 million (year 
ending 31 December 2008 - GBP10.7 million) and earnings before interest, tax, 
depreciation and amortisation from operations of GBP0.2 million (Year ending 31 
December 2008 - GBP2.3 million).  The net assets attributable to the Education 
Division amounted to GBP22.4 million as at 31 December 2008. Further information 
on the trading performance of the Education Division will be included within the 
Huveaux Group's preliminary statement of audited results for the year ended 31 
December 2009, scheduled for release on 22nd March 2010. 
Following the Disposal, the Huveaux group comprises solely the Political 
Division, the UK and EU market leader in political publishing, information and 
communication.  The Directors will update shareholders on the results of and 
expectations for the Political Division within the preliminary results 
statement. 
 
 
Enquiries: 
 
+-------------------------------+-------------------------------+ 
| Huveaux plc                   | Telephone                     | 
|                               |                               | 
| Kevin Hand                    | 020 7811 5026                 | 
| Non-Executive Chairman        |                               | 
| Gerry Murray                  |                               | 
| Chief Executive Officer       |                               | 
| Rupert Levy                   |                               | 
| Group Finance Director        |                               | 
|                               |                               | 
+-------------------------------+-------------------------------+ 
 
+-------------------------------+-------------------------------+ 
| KPMG Corporate Finance        | Telephone                     | 
| (financial adviser)           |                               | 
|                               |                               | 
| David Elms                    | 020 7311 1000                 | 
| Susan Walker                  |                               | 
+-------------------------------+-------------------------------+ 
 
+-------------------------------+-------------------------------+ 
| Brewin Dolphin Limited        | Telephone                     | 
| (nominated adviser)           |                               | 
|                               |                               | 
| Sandy Fraser                  | 0845 213 2072                 | 
|                               |                               | 
+-------------------------------+-------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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