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First Trust Dow Jones Select Microcap Index Fund(Intraday Indicative Value) | AMEX:RDM | AMEX | Index |
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RNS Number:6223H Radamec Group PLC 18 February 2003 RADAMEC SELLS BROADCAST TV BUSINESS Radamec Group PLC, which designs, manufactures and sells Electro Optical Control Systems for the Defence and Television markets and Marine and Environmental Control Systems, announces that it has today sold Radamec Broadcast Systems Limited (RBS) and the net assets of its US subsidiary Radamec Incorporated (Inc:) to The Vitec Group plc. The consideration for the purchase of Inc: and the shares of RBS was a cash sum of #4.65 million paid on Completion. Pre-tax profits for 2001, the last audited year's accounts, were #574,000 and combined net assets of RBS and Inc: adjusted for cash and intercompany debt were #2,355,000. RBS's Studio Robotic Camera Control and Virtual Reality Systems complement Vitec's wide range of automated TV studio systems. Len Whittaker, Chairman & Chief Executive, stated that "the deal results in a substantial capital gain and significant cash balance for Radamec and follows the #4.6m sale in July 2002 of its freehold Thames-side factory site at Chertsey. Minimal tax is payable and the proceeds will assist the Board's forward planning and its consideration of an appropriate Group capital structure". Enquiries: Radamec Group PLC 01932-561181 Len Whittaker (Chairman & Chief Executive) Lionel Moore (Finance Director) Bankside Consultants Limited Charles Ponsonby 020-7444 4166 This information is provided by RNS The company news service from the London Stock Exchange END DISKVLBFXLBLBBE
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