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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Medal Ent&Med | LSE:MME | London | Ordinary Share | GB0031004350 | 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% | 23.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5571I Medal Entertainment & Media PLC 06 September 2006 6 September 2006 Medal Entertainment & Media plc ("MEM" or "the Company") Sale of Fountain Television Limited The directors of MEM ("the Directors") are pleased to announce that the Company has completed the sale of Fountain Television Limited ("Fountain"), owner and operator of the 13,000 sq. ft television studios in Wembley, to InvestinMedia Investments Limited, a wholly-owned subsidiary of InvestinMedia plc, for a total payment of #6.8 million paid in cash at completion. The principal activity of Fountain is the ownership and operation of the Fountain Television Studios in Wembley. In the year ended 31 March 2006, Fountain achieved a turnover of approximately #3.2 million and a loss on ordinary activities before tax of approximately #0.4 million. At 31 March 2006, the net assets of Fountain stood at approximately #1.7 million. The net sale proceeds will be applied in the short term to reduce borrowings substantially, including the repayment of a #2.9 million mortgage held by the Company and secured on the assets of Fountain, and, in the medium term, to provide a platform for the further development of the Group both organically and by acquisition. This disposal represents a Substantial Transaction under rule 12 of the AIM Rules and also a Related Party Transaction under rule 13 of the AIM Rules by virtue of the fact that InvestinMedia plc owns 20.74 per cent. of MEM's shares and Richard Murray, a non-executive director of MEM, is also chairman of InvestinMedia plc. In accordance with rule 13 of the AIM Rules, the directors of MEM, with the exception of Richard Murray who is a related party, consider, having consulted with MEM's nominated adviser, Nabarro Wells & Co. Limited, that the terms of the transaction are fair and reasonable so far as MEM's shareholders are concerned. Enquiries: Steve Ayres, Chief Executive, MEM plc Tel: 020 7851 0550 Tim Allan/Diane Barnes, Portland PR Tel: 020 7404 5344 Richard Swindells, Nabarro Wells & Co. Limited Tel: 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END DISUNORRNNRKRAR
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