Litebulb Group Limited Disposal of Go Entertainment (7058Q)

TIDMLBB

RNS Number : 7058Q

Litebulb Group Limited

02 March 2016

2 March 2016

LITEBULB GROUP LIMITED

("LiteBulb" or the "Company")

Disposal of Go Entertainment

LiteBulb (AIM: LBB), the branded product developer, announces that it has completed the sale of the entire share capital of Go Entertainment Group Limited ("Go Entertainment") and its subsidiaries for consideration of GBP1 (the "Consideration") to Eclipse Media Limited. Eclipse Media Limited is controlled by members of the senior management team of Go Entertainment.

Go Entertainment develops and manufactures consumer products focusing on DVDs, books, magazines and other gift products. LiteBulb acquired Go Entertainment in April 2014 but since that time the division has suffered a significant decline in its core markets which has resulted in a shortfall in its expected contribution to the Company. In the year ended 31 December 2015, Go Entertainment generated unaudited revenues of approximately GBP5.5 million and a loss before tax of approximately GBP1.7 million. As at 31 December 2015 Go Entertainment had unaudited gross assets of approximately GBP3.2 million and indebtedness of approximately GBP447,000.

As announced on 22 February 2016, Litebulb remains in active discussions to secure additional financing of approximately GBP2.0 million through an equity fundraising alongside the associated restructuring of its indebtedness. The Board notes that the Company's current cash position remains tight.

For further information, please contact:

 
 LiteBulb Group Limited                         www.litebulbgroup.com 
 Howard Partington, Interim                        Tel: [phone] 
  Chief Executive 
 Guy Pettigrew, Group Finance 
  Director 
 
 finnCap (NOMAD & Broker)                          Tel: [phone] 
 Stuart Andrews / Adrian Hargrave 
  / Scott Mathieson (Corporate Finance) 
 Joanna Scott (Corporate 
  Broking) 
 
 Walbrook PR Limited                            Tel: [phone] or 
                                              [e-mail] 
 Paul McManus / Sam Allen                   Mob: [phone] / Mob: 
                                                        07884 664 686 
 
 

About LiteBulb Group

LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.

LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: Tesco, M&S, John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next, Boots, WH Smiths, Amazon, Target and Costco.

LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 02, 2016 02:00 ET (07:00 GMT)