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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Interactive Wor | LSE:ITW | London | Ordinary Share | GB00B11FCP94 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 67.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMSPMG
30 September 2010
SPORT MEDIA GROUP PLC
("Sport Media", "SPMG", "or "the Company")
Interim results for the 6 months ended 30 June 2010
The Board of Sport Media Group plc (AIM: SPMG.L), the integrated multi-media
group that publishes the Sunday and Daily Sport newspapers and provides digital
content for internet and mobile channels, today publishes its interim results
for the 6 months to 30 June 2010.
Chairman's statement
I am pleased to report the Group has returned to generating an underlying
operating profit, reporting GBP0.8m for the six month period to 30 June 2010
against a loss of GBP0.4m for the six month period to 31 July 2009. Adjusted
earnings per share to 30 June 2010 were 0.16p (2009: loss 0.89p). Charges for
amortisation and share based payments reduced the underlying profit before tax
of GBP330k to a loss attributable to shareholders of GBP302k. Consequently net
liabilities for the Group increased from GBP215k to GBP438k.
Management's focus on stabilising the core businesses saw the disposal of two
loss-making subsidiaries, one during the period reported and one post-period
end. As a result, all trading Group entities are now profitable and cash
generative. Whilst cash generated from operations for the period was GBP574k
(2009: GBP66k) debt servicing and loan repayments resulted in an increase in cash
and cash equivalents of only GBP16k (2009: GBP111k). This, together with legacy
issues and trading at a level lower than planned, has created working capital
pressure. Further to recent discussions, the Group's bankers, Royal Bank of
Scotland plc ("RBS"), have agreed to a deferment of the monthly loan repayment
of GBP50k for a period of six months to provide the necessary working capital
headroom.
Further efficiencies gained in the newspaper supply chain, along with steady
sales means that the print division is tracking in line with budget despite the
continuing depressed state of the wider markets for newspaper sales and
advertising. In the digital division traditional revenue streams have reduced,
but Telecom2, our 51% owned telephony business acquired in August 2009,
continues to grow strongly and is contributing positively to monthly profits and
to a broader product offering to our advertisers.
To date, the second half of the year has continued to see a solid performance
from the newspaper, with some circulation gains although there is continued
pressure on advertising revenues. The digital division is optimistic that recent
initiatives will produce improvements in its core trading subsidiary over the
remainder of the year. Securing a consistent source of exclusive content remains
a priority for the Group, and as such, planning for the development of our own
studio facilities continues, within the context of our financing facilities.
Achieving and maintaining these performance improvements are critical to ensure
that the repayment holiday provided by our bankers is sufficient to manage our
working capital requirements and enable the Group to resume reducing its
significant debt position. Whilst the Directors expect the Group to continue to
be cash generative in the second half of the year, EBITDA and PBT are likely to
be below current market expectations.
As previously announced, I was appointed Chairman following the Group's AGM in
June. I'd like to take the opportunity to thank David Bailey for his
contribution and continued support on the Board as a non-executive Director.
Martin Robinson
Chairman
30 September 2010
Consolidated statement of comprehensive income for the six months ended 30 June
2010
6 month 6 month 17 month
period period period
ended ended ended
30 June 31 July 31 December
2010 2009 2009
unaudited unaudited audited
In thousands of GBP Note
Revenue 9,579 11,181 30,937
Cost of sales (7,650) (10,205) (25,627)
________ ________ ________
Gross profit 1,929 976 5,310
Administrative costs (1,091) (1,350) (5,750)
________ ________ ________
Underlying operating profit/(loss)* 838 (374) (440)
Depreciation (60) (46) (208)
Finance income - 42 38
Finance costs 4 (448) (234) (1,638)
________ ________ ________
Underlying profit/(loss) before tax** 330 (612) (2,248)
Share based payment charges (113) (457) (1,613)
Amortisation of intangibles (502) (1,288) (2,000)
Impairment of goodwill and other
intangibles - (1,631) (21,827)
Non-recurring operating expenses (5) (1,848) (1,476)
Loss on disposal of investment 5 (16) - -
________ ________ ________
Loss before tax (306) (5,836) (29,164)
Income tax (expense)/credit (30) 1,202 2,508
________ ________ ________
Loss for the period (336) (4,634) (26,656)
Loss attributable to minority interests 34 14 13
______ ______ ______
Loss for the period attributable to equity
holders of the parent
(302) (4,620) (26,643)
______ ______ ______
Earnings per share:
Basic loss per share 6 (0.31)p (4.77)p (27.38)p
Adjusted basic earnings/(loss) per share 6 0.16p (0.89)p (2.29)p
______ ______ ______
* Operating profit/(loss) before non-recurring items, amortisation and
impairment of intangibles, share based payment charges, interest and taxation.
** Profit/(loss) before tax and non-recurring items, amortisation and impairment
of intangibles and share based payment charges.
Consolidated statement of changes in equity for the six months ended 30 June
2010
Share
Share premium Other Retained Total
capital account reserves earnings equity
In thousands of GBP Note
Balance at 31 July 2008 242 41,537 100 (17,152) 24,727
Net loss for the period - - - (26,643) (26,643)
Share-based payments - - - 1,613 1,613
_______ _______ _______ _______ _______
Total recognised income and
expense (25,030) (25,030)
Issue of share capital 5 - - - 5
_______ _______ _______ _______ _______
Balance at 31 December 2009 247 41,537 100 (42,182) (298)
Net loss for the period - - - (302) (302)
Share-based payments - - - 113 113
_______ _______ _______ _______ _______
Total recognised income and
expense (189) (189)
Balance at 30 June 2010 247 41,537 100 (42,371) (487)
====== ====== ==== ===== ======
There are no items of recognised income and expense other than the loss for the
period.
Consolidated statement of financial position at 30 June 2010
6 month 6 month
period period 17 month
ended ended period
In thousands of GBP 30 June 31 July ended
2010 2009 31 December 2009
unaudited unaudited audited
Non-current assets
Property, plant and equipment 143 173 163
Indefinite lived assets 10,517 10,911 10,517
Customer relationships and contracts 1,774 2,129 1,774
Goodwill 200 18,194 200
Other intangible assets 1,101 2,946 1,617
Deferred tax asset 1,757 1,746 1,787
___________ ___________ ___________
15,492 36,099 16,058
___________ ___________ ___________
Current assets
Inventories 19 64 89
Trade and other receivables 3,936 4,961 3,352
Cash and cash equivalents 284 216 268
___________ ___________ ___________
4,239 5,241 3,709
___________ ___________ ___________
Total assets 19,731 41,339 19,767
========== ========== ==========
Current liabilities
Trade and other payables 4,713 4,196 4,190
Short term borrowings 7 11,621 12,696 11,957
___________ ___________ __________
16,334 16,892 16,147
___________ ___________ __________
Net current liabilities (12,095) (11,651) (12,438)
___________ ___________ __________
Non-current liabilities
Deferred tax liabilities 3,835 4,682 3,835
___________ ___________ __________
14,009 4,682 3,835
___________ ___________ __________
Total liabilities 20,169 21,574 19,982
========== ========== ==========
Net (liabilities)/assets (438) 19,765 (215)
========== ========== ==========
Equity
Share capital 247 242 247
Share premium account 41,537 41,537 41,537
Other reserves 100 100 100
Share option reserve 2,820 2,409 2,707
Retained earnings (45,191) (24,574) (44,889)
___________ ___________ __________
Equity shareholders' (deficit)/funds (487) 19,714 (298)
Minority interests 49 51 83
___________ ___________ __________
Total equity (438) 19,765 (215)
========== ========== ==========
The financial statements were approved by the board of directors and authorised
for issue on 30 September 2010. They were signed on its behalf by:
Andrew Fickling
Chief Executive Officer
Consolidated statement of cash flows for the six months ended 30 June 2010
17 month
6 month 6 month period ended
period ended Period ended 31 December
30 June 2010 31 July 2009 2009
unaudited unaudited audited
In thousands of GBP
Cash flows from operating activities
Underlying operating profit / (loss) 838 (374) (440)
Adjustments for:
(Increase)/Decrease in trade and (584) (11) 3,094
other receivables
Decrease in inventories 70 88 13
Increase in trade & other payables 255 1,596 123
Cash generated from operations before 579 1,299 2,790
non-recurring costs
Non-recurring items (5) (1,233) (1,476)
Cash generated from operations 574 66 1,314
Interest received - 42 38
Interest paid (152) (98) (1,373)
Other finance charges (33) - (265)
Income taxes received - - 372
Net cash generated from operating 389 10 86
activities
Cash flows from investing activities
Purchase of property, plant and (39) (2) (106)
equipment
Proceeds from disposal of property, - - 17
plant and equipment
Purchase of intangible assets - (119) (1,797)
Capitalised development expenditure - (662) -
Net cash used in investing activities (39) (773) (1,886)
Cash flows from financing activities
Cash proceeds from issue of share - 5
capital
Proceeds from new borrowings - 884 1,959
Repayment of borrowings (334) - (430)
Net cash (used in) / from financing (334) 884 1,534
activities
Net increase / (decrease) in cash and 16 111 (266)
cash equivalents
Cash and cash equivalents at beginning 268 105 534
of period
Cash and cash equivalents at end of 284 216 268
period
1. General information
Sport Media Group plc ("SMG") is the integrated multi-media group which
publishes the Sunday and Daily Sport newspapers and digital content for internet
and mobile phone channels.
The Group was established in 1999 and on 5 September 2007 the Group completed
the acquisition of Sport Newspapers Limited.
Sport Media Group plc is the Group's ultimate parent company and its shares are
traded on AIM, a market operated by the London Stock Exchange plc.
2. Basis of accounting and significant accounting policies
Basis of accounting
The unaudited interim report was approved by the Board of Directors on 30
September 2010.
The interim financial information for the six months ended 30 June 2010 and for
the six months ended 31 July 2009 does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006 and is unaudited. The
financial statements for the period ended 31 December 2009, from which data has
been extracted, were prepared in accordance with International Financial
Reporting Standards as adopted by the European Union ("IFRSs") and have been
delivered to the Registrar of Companies. The joint auditors' report was
unqualified but did draw attention to going concern by way of emphasis. The
joint audit report did not contain a statement under either section 498(2) of
the Companies Act 2006 (accounting records or returns inadequate or accounts not
agreeing with records and returns), or section 498(3) of the Companies Act 2006
(failure to obtain necessary information and explanations).
These unaudited consolidated interim results are for the six months ended 30
June 2010. They have not been prepared in accordance with IAS 34, Interim
Financial Reporting. Accordingly, the interim results do not comply with all the
disclosures in IAS 34 on interim reporting and therefore are not in full
compliance with IFRS. The comparative results are for the six month period ended
31 July 2009 as the Group previously reported consolidated interim results for
the six month period to 31 January 2009 and the twelve month period to 31 July
2009, thereafter the Group moved to a 31 December accounting reference date.
These unaudited consolidated interim results have been prepared in accordance
with the accounting policies expected to be adopted in the annual financial
statements for the year ended 31 December 2010. The Group has adopted IAS 1
Presentation of Financial Statements (Revised 2007), IFRS 8 Operating Segments
and IFRS 2 (amendment) Share based payments on vesting conditions and
cancellations.
The adoption of IAS 1 does not affect the financial position or profits of the
Group, but gives rise to additional disclosures. The measurement and recognition
of the Group's assets, liabilities, income and expense is unchanged.
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision maker. Following the acquisition of Sport Newspapers the
Group is organised into two operating divisions for management purposes -
digital content delivery and publishing newspapers and magazines. The segmental
information set out in note 3 is presented on this basis.
Going Concern
Having considered the following, the directors have prepared the interim
financial report on a going concern basis. The Group has a significant level of
debt and in the medium term is reliant on the debt facilities remaining in
place. On 13 July 2010 RBS, Gold Group International ("GGI") and Roldvale
Limited, together with the Group, signed an amendment and restatement agreement
extending the existing facilities until 31 March 2013. In September 2010 the
Group approached RBS requesting deferment of the monthly loan repayment of GBP50k
for a period of six months to provide necessary working capital headroom. RBS
have agreed to this proposal and as at the date of these statements are
preparing the necessary variation agreements. In support of the application to
RBS for the term loan repayment deferment the directors prepared monthly
trading, balance sheet and cash flow statements for the Group, reviewed the
underlying assumptions in detail and subjected them to sensitivity analysis.
Consequently, the directors have an expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the
interim financial report.
3. Business segments
Following the acquisition of Sport Newspapers the Group is organised into two
operating divisions for management purposes - digital content delivery and
publishing newspapers and magazines.
Digital content delivery
For internal reporting purposes the Group records and monitors digital content
revenues and cost of sales according to the delivery platform to which content
is delivered and through which services are provided, differentiating its key
business segments between mobile telephony and internet. Administrative expenses
of the digital content delivery business are shared overheads of that business
and cannot meaningfully be allocated by revenue stream. The principal tangible
fixed assets utilised in the digital content delivery business consist of
computer equipment and servers, which are utilised in the delivery of content
and services through both platforms. All of the Group's digital content delivery
activities are currently carried out in the United Kingdom.
Newspapers and magazines
For internal reporting purposes the Group records and monitors revenues of the
newspapers and magazines division according to the nature of the revenues - from
the wholesale distribution of newspaper and magazine titles and from
advertising, differentiating its advertising revenues between classified and
display. The Group does not differentiate cost of sales in the newspaper and
magazine division between wholesale and advertising revenue streams as the
overwhelming majority of such costs represent shared costs of producing,
printing and distributing its newspaper and magazine titles. Similarly,
administrative expenses of the newspapers and magazines business are shared
overheads of that business and cannot meaningfully be allocated by revenue
stream. Excluding goodwill and other intangible assets arising on consolidation,
the principal tangible fixed assets utilised in the newspaper and magazines
business consist of computer equipment and fixtures and fittings, which are
utilised in the production of the titles. All of the Group's newspaper and
magazine publishing activities are currently carried out in the United Kingdom
and republic of Ireland. For internal reporting purposes management information
in relation to publishing activities in the Republic of Ireland is treated as
combined with information on newspaper and magazine sales in the UK and separate
geographical segment information has not therefore been presented.
Group overheads
Group overheads consist of the costs of retaining the Company's Stock Exchange
listing, investor relations activities and some central functions which are not
recharged to the operating divisions.
Segment information about these businesses is presented below.
Wholesale
Digital newspaper Newspaper
content & magazine & magazine Group &
Six months ended delivery distribution advertising eliminations Consolidated
30 June 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gross revenues 2,090 4,678 3,043 (232) 9,579
Intra-segment
sales (98) - (134) 232 -
__________ __________ __________ __________ __________
Net revenues 1,992 4,678 2,909 - 9,579
========= ========= ========= ========= =========
Underlying
operating
profit/(loss) 19 933 (114) 838
Depreciation (16) (44) (60)
Impairment and
amortisation of
intangibles (19) (483) (502)
Share based
payment charges - - (113) (113)
Non-recurring
expenditure (21) - - (21)
__________ __________ __________ __________ __________
Profit/(loss)
before interest
and tax (37) 406 (227) 142
========= ========= ========= =========
Finance costs -
net (448)
__________
Loss before tax (306)
Taxation charge (30)
__________
Loss for the year (336)
=========
Wholesale
newspaper
Digital & Newspaper
content magazine & magazine Group &
delivery distribution advertising eliminations Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance sheet
Assets 1,374 16,560 40 17,974
========== ========== ========== ========== ==========
Liabilities 1,719 1,922 1,072 4,713
========== ========== ========== ========== ==========
Capital
expenditure
Property, plant
and equipment 38 1
Segment assets and liabilities are reconciled to Group assets and liabilities as
follows:
Assets Liabilities
GBP'000 GBP'000
Segment assets / liabilities 17,974 4,713
Borrowings - 11,621
Deferred tax 1,757 3,835
_________ _________
Total 19,731 20,169
========= =========
Wholesale
Digital newspaper Newspaper
content & magazine & magazine Group &
Six months ended delivery distribution advertising eliminations Consolidated
31 July 2009 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gross revenues 1,990 5,019 4,265 (93) 11,181
Intra-segment
sales - - (93) 93 -
__________ __________ __________ __________ __________
Net revenues 1,990 5,019 4,172 - 11,181
========== ========== ========== ========== ==========
Underlying
operating
(loss)/profit (232) (142) (374)
Depreciation (30) (16) (46)
Impairment and
amortisation of
intangibles (1,294) (1,625) (2,919)
Share based
payment charges (457) (457)
Non-recurring
expenditure (272) (719) (857) (1,848)
__________ __________ __________ __________ __________
Loss before
interest and tax (1,828) (2,502) (1,314) (5,644)
========== ========== ========== ==========
Finance costs -
net (192)
__________
Loss before tax (5,836)
Taxation credit 1,202
__________
Loss for the year (4,634)
==========
Wholesale
newspaper
Digital & Newspaper
content magazine & magazine Group &
delivery distribution advertising eliminations Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance sheet
Assets 3,525 36,051 17 39,593
========== ========== ========== ========== ==========
Liabilities 1,403 1,883 910 4,196
========== ========== ========== ========== ==========
Capital
expenditure
Property, plant
and equipment 2
Segment assets and liabilities are reconciled to Group assets and liabilities as
follows:
Assets Liabilities
GBP'000 GBP'000
Segment assets / liabilities 39,593 4,196
Borrowings - 12,696
Deferred tax 1,746 4,682
_________ _________
Total 41,339 21,574
========= =========
Wholesale
Digital newspaper Newspaper
content & magazine & magazine Group &
Period ended delivery distribution advertising eliminations Consolidated
31 December 2009 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gross revenues 5,772 14,786 11,020 (641) 30,937
Intra-segment
sales (331) 10 (320) 641 -
__________ __________ __________ __________ __________
Net revenues 5,441 14,796 10,700 - 30,937
========== ========== ========== ========== ==========
Underlying
operating
(loss)/profit (67) 262 (635) (440)
Depreciation (166) (40) (2) (208)
Impairment and
amortisation of
intangibles (2,754) (21,073) - (23,827)
Share based
payment charges (1,613) (1,613)
Non-recurring
expenditure (133) (519) (824) (1,476)
__________ __________ __________ __________ __________
Loss before
interest and tax (3,120) (21,370) (3,074) (27,564)
========== ========== ========== ==========
Finance costs -
net (1,600)
__________
Loss before tax (29,164)
Taxation credit 2,508
__________
Loss for the year (26,656)
==========
Wholesale
newspaper
Digital & Newspaper
content magazine & magazine Group &
delivery distribution advertising eliminations Consolidated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance sheet
Assets 943 16,997 40 17,980
========== ========== ========== ========== ==========
Liabilities 1,190 2,018 982 4,190
========== ========== ========== ========== ==========
Capital
expenditure
Property, plant
and equipment 20 86
Segment assets and liabilities are reconciled to Group assets and liabilities as
follows:
Assets Liabilities
GBP'000 GBP'000
Segment assets / liabilities 17,980 4,190
Borrowings - 11,957
Deferred tax 1,787 3,835
_________ _________
Total 19,767 19,982
========= =========
4 Finance costs
Unaudited Unaudited Audited
six months six months period
ended ended ended
GBP000 30 June 2010 31 July 2009 31 December 2009
Interest on bank overdrafts and 132 54 1,161
loans
Interest on other loans 284 76 212
Other finance charges 32 104 265
448 234 1,638
5 Loss on disposal
On 30 April 2010 the Group disposed of its holding in Watchme.com Limited
("Watchme") and incurred a loss on disposal of GBP16,000. Revenues for the period
for Watchme were GBP19,000 and consequently at this immaterial level the results
for Watchme have not been separately disclosed as discontinued.
6 Loss per share
The calculation of the loss per share is based on the earnings attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the year.
Unaudited Unaudited Audited
six months six months period
ended ended ended
GBP000 30 June 2010 31 July 2009 31 December 2009
Loss for the period 302 4,620 26,643
Weighted average number of 98,842,383 96,851,547 97,305,935
ordinary shares
Loss per ordinary share - basic 0.31p 4.77p 27.38p
The exercise of outstanding share options in the period would have the effect of
reducing the loss per ordinary share and are therefore excluded as
anti-dilutive.
Adjusted basic earnings per share
In order to understand the underlying trading performance, the directors
consider it appropriate to disclose earnings per share before amortisation and
impairment of acquired intangible assets, non-recurring items and the costs of
share based payments.
The calculation of adjusted earnings per share is set out below:
Unaudited Unaudited Audited
six months six months period
ended ended ended
30 June 2010 31 July 2009 31 December 2009
Loss attributable to shareholders
( GBP000) (302) (4,620) (26,643)
Post-tax amortisation and
impairment ( GBP000) 361 2,101 22,194
Post-tax costs of non-recurring
expenditure ( GBP000) 15 1,331 1,063
Post-tax costs of share based
payments ( GBP000) 81 329 1,161
Adjusted profit/(loss) on
ordinary 155 (859) (2,225)
activities after taxation ( GBP000)
Weighted average number of
shares in issue 98,842,383 96,851,547 97,305,935
Adjusted basic earnings/(loss)
per share (pence) 0.16 (0.89) (2.29)
7 Other financial liabilities
Bank overdrafts and loans and other borrowings
Unaudited Unaudited Audited
six months six months period
ended ended ended
GBP000 30 June 2010 31 July 2009 31 December 2009
Bank invoice finance 1,234 1,458 1,310
Bank loans and financing 6,335 6,874 6,563
Other creditor (in relation to
Sport Newspapers acquisition)
4,052 4,364 4,084
____________ ____________ ____________
11,621 12,696 11,957
____________ ____________ ____________
The borrowings are repayable as follows:
On demand or within one year 11,621 12,696 11,957
In the second year - - -
In the third to fifth year - - -
inclusive
____________ ____________ ____________
11,621 12,696 11,957
____________ ____________ ____________
At the end of the reporting period the Group had two loans from RBS both
expiring in March 2013 - a revolving advance facility of GBP4m and a term loan
facility of GBP2.5m. The advance facility of GBP4m attracts interest at 4.5% over
LIBOR and is repayable at GBP50,000 per month commencing 1 November 2009. As at
the end of the reporting period GBP3.6m of the facility had been advanced. The
term loan facility of GBP2.5m attracts interest at 2% over LIBOR with no ongoing
repayment of the principal and was utilised in full at the end of the reporting
period. The facilities are secured by debentures over the assets of the Group.
For the Group to secure this loan GGI was required to maintain a charge of
deposit for the same value and this will remain in place for the duration of the
term loan. Interest is charged by GGI to the Group for the funds on deposit at a
rate of 10% less interest received. In September 2010 RBS agreed to a deferment
of the monthly repayment of GBP50,000 for a period of six months to provide the
Group with necessary working capital headroom.
The Group has an invoice discounting facility with RBS Invoice Finance Limited
which provides finance for working capital purposes. As at the end of the
reporting period GBP1.2m had been drawn against the facility. The facility is
secured against the Group's trade receivables.
At the end of the reporting period the Group had an outstanding liability of
GBP4.1m to the vendors of Sport Newspapers Limited. GBP2.5m relates to deferred
consideration and attracts interest at RBS base rate plus 4% and is repayable in
March 2013. A further GBP1.6m relates to funds advanced in November 2008 and May
2009 and is due for repayment in March 2013. These funds accrue interest at a
rate of 6.5% per annum.
The amendment and restatement agreement extending the various financing
arrangements until March 2013 were signed after the reporting period on 13 July
2010. Consequently the financing facilities are reported within the interim
financial report as repayable within one year.
8 Events after the reporting period
On 13 July 2010 RBS, Gold Group International ("GGI") and Roldvale Limited,
together with the Group, signed an amendment and restatement agreement extending
the existing financing facilities until 31 March 2013. On 29 September 2010 RBS
agreed to a deferment of the monthly repayment of GBP50,000 for a period of six
months to provide the Group with necessary working capital headroom.
On 1 September 2010 the Group disposed of its holdings in Strictly Broadband
Limited and Go Content Limited. These were loss making subsidiaries and the
share capitals of the businesses were sold to the joint management team for
nominal consideration against a carrying value of the investment of GBP334,000.
Members of the management team have no ongoing involvement with any Group
company.
For further information, please contact:
Sport Media Group plc
Martin Robinson, Chairman
Andrew Fickling, Chief Executive Officer
Neil Robertson, Group Finance Director
Tel: + 44 (0) 161 236 4466
www.sportmediagroup.co.uk
Daniel Stewart & Company plc
Oliver Rigby
Tel: + 44 (0) 20 7776 6550
www.danielstewart.co.uk
[HUG#1447802]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sport Media Group PLC via Thomson Reuters ONE
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