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Share Name | Share Symbol | Market | Type |
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Axa | AQEU:CSP | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.235 | -0.70% | 33.125 | 33.12 | 33.13 | 33.34 | 33.12 | 33.25 | 45,624 | 12:43:50 |
RNS Number:3676N Crown Sports PLC 09 July 2003 For Immediate Release 9 July 2003 CROWN SPORTS PLC Proposed disposal of Crown Content Crown Sports PLC ("Crown Sports" or the "Company") is pleased to announce that Crown Sports has entered into a conditional agreement for the sale of Crown Content Pty Ltd ("Crown Content") to Sportsbrand Media Group Pty Ltd ("Sportsbrand") for an initial consideration of A$2,500,000 million (#1,016,000 million) payable in cash on completion. In addition, Crown Sports is entitled to further consideration of an amount equal to 50 per cent. of the EBITDA of Crown Content for each of the three years ending 30 June 2004, 2005 and 2006. This further consideration is subject to a maximum of A$2,000,000 and will be reduced by an amount equal to the net liabilities of Crown Content at 30 June 2003. Sportsbrand, the proposed purchaser of Crown Content, is wholly-owned by the Chapman Discretionary Trust No. 2, of which Jeff Chapman is a beneficiary. Bennelong UK Limited ("Bennelong") and SportsAssets (International) Limited (" SportsAssets"), which are also wholly-owned by the Chapman Discretionary Trust No 2, are both substantial shareholders in Crown Sports and Jeff Chapman is a former director of the Company. In view of these interests, the proposed disposal constitutes a transaction with a related party for the purposes of the Listing Rules and accordingly is conditional upon the approval of Crown Sports in general meeting. A circular containing a notice convening an extraordinary general meeting of the Company to approve the proposed disposal will be despatched to shareholders shortly. Bennelong and SportsAssets have each undertaken to abstain, and together with Jeff Chapman have each undertaken to take all reasonable steps to ensure that their associates abstain, from voting at the extraordinary general meeting. Crown Content is a publishing business based in Melbourne, Australia which was acquired by Crown Sports in April 2001. The business specialises in guides, newsletters and books, with an emphasis on sports publishing. Crown Sports' audited consolidated accounts show that, for the financial year ended 31 December 2002, Crown Content generated turnover of #1,940,000 and made an operating loss before exceptional items of #252,000 and an operating loss after exceptional items of #5,908,000 and that, as at 31 December 2002, Crown Content had net assets of #1,565,000. The strategy of Crown Sports is to focus on its core health and fitness business, which includes a large number of freehold and long lease properties, and to dispose of its other businesses. Following the disposals of Crown Golf and The Winning Line earlier this year, Crown Content is the Company's only remaining non-core business and its proposed disposal will leave Crown Sports as a pure health and fitness operator. The net proceeds of the disposal of Crown Content payable on completion will amount to approximately #820,000 and will be applied in the repayment of bank borrowings. Commenting on the proposed disposal of Crown Content, Ray Pierce, Chairman of Crown Sports said: "We are delighted to announce the sale of Crown Content. This deal marks the end of the non core disposal programme and will allow us to focus solely on our core business of health and fitness." Enquiries: Crown Sports Ray Pierce 020 7466 5000 Chairman Buchanan Communications Mark Edwards, Bobbie Swanson 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange END DISILFIRDSIAIIV
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