Asset Disposal

 

TIDMCLV 
 
RNS Number : 6926P 
Clipper Ventures PLC 
30 March 2009 
 

Clipper Ventures PLC 
30 March 2009 
 
 
Clipper Ventures PLC 
('Clipper Ventures' or the 'Company') 
 
 
Asset Disposal 
 
 
Further to our announcement of 9 January which highlighted the impact of the 
current economic uncertainty on the Company, the Board has decided to focus the 
Company on its core activities. With this in mind the Company has entered in to 
a binding Heads of Agreement for the sale of the assets, business and brand of 
the Zapcat Racing Limited, a wholly owned subsidiary of the Company, to a 
private individual. The consideration, which is not material, is payable in cash 
in four instalments up to the 1st April 2012, with the first instalment due on 
execution of the Agreement and an option for early payment for the remaining 
three instalments by 1st April 2010 for a slight discount. 
 
 
William Ward commented "Zapcat Racing is a comparatively small part of our 
business and has found the challenging current state of the sponsorship market 
particularly difficult. We are therefore pleased that the business will move on 
to a new owner, who will be able to give the business the energy and enthusiasm 
it needs to grow." 
 
 
For further information please contact: 
 
 
Clipper Ventures PLC 
William Ward     Tel: [phone] 
Jeremy Knight     www.clipper-ventures.com 
HB Corporate    Tel: [phone] 
Luke Cairns/ Edward Cozenswww.hbcorporate.co.uk 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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