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Share Name | Share Symbol | Market | Type |
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Boyds Collection Ltd | NYSE:FOB | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:2529Q Forever Broadcasting PLC 26 September 2003 Forever Broadcasting plc ("Forever" or the "Company") Disposal of Juice Liverpool The Board of Forever is pleased to announce that it has this afternoon completed the disposal of its Juice Liverpool radio station to Absolute Radio UK Limited for a cash consideration of #3.1 million. The net disposal proceeds will be applied to reduce the Company's indebtedness to approximately #1.4 million. Management accounts for Juice Liverpool record that in the year ended 30th September 2002, Juice Liverpool made an adjusted operating loss of #0.76 million and as at 30th September 2002 had net liabilities of #4.02 million. Forever does not produce separate statutory accounts for Juice Liverpool. The disposal marks the completion of the first stage of the implementation of the findings of the strategic review instigated by the Board at the start of the current financial year. The Board continues to evaluate proposals for the disposal of the Company or its remaining assets. Further announcements will be made as appropriate. The Directors believe that the prospects for the Company's remaining portfolio of radio stations are strong and are confident that the results for the full year to 30 September will demonstrate an acceleration of the substantial revenue growth recorded for the first six months of the current financial year. Management accounts for August show year to date, year on year revenue growth (excluding Juice Liverpool) in excess of 40%. Commenting on the Disposals John Josephs Chairman of Forever said: "The receipt of the Juice Liverpool disposal proceeds has enabled Forever to substantially reduce its indebtedness thereby allowing the Board to deliver value to shareholders from a significantly stronger position. The operating performance of the Company continues to improve and I believe that the trading prospects for the Company's remaining radio stations are strong." Enquiries: Forever Broadcasting plc John Josephs 0191 281 1222 Baird Matt Davis 020 7488 1212 The Directors of Forever Broadcasting plc accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Robert W Baird Limited ("Baird"), which is regulated in the UK by the Financial Services Authority, is acting exclusively for Forever Broadcasting plc and no-one else in relation to a possible offer and will not be responsible to anyone other than Forever Broadcasting plc for providing the protections afforded to customers of Baird or for giving advice on this proposal. This information is provided by RNS The company news service from the London Stock Exchange END DISQQLFLXKBBBBQ
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