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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eicom | LSE:EIC | London | Ordinary Share | GB00B139BP28 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8395M Multimedia Television PLC 27 May 2005 MultiMedia Television PLC sells Job Channel Limited MultiMedia Television PLC ("the Company") announces its agreement with Eicom PLC, an AIM listed company, for the sale of Job Channel Limited, its subsidiary which operates The Job Channel, the digital television job search and recruitment service. The Job Channel enables certain digital TV users to access job search and other recruitment services. In the year ended 30 April 2004 Job Channel Limited made a post tax loss of #233,000 on turnover of #172,000. As at 30 April 2004, Job Channel Limited had net liabilities of #7.4 million arising from the cost of developing Job Channel over the previous 5 years. The liabilities are principally in the form of intercompany debt owed by Job Channel Limited to the Company, which Eicom is acquiring from the Company for #1. This had been fully provided for by MultiMedia Television PLC. Eicom has bought Job Channel Limited from its parent MultiMedia Television PLC. The maximum consideration payable is #1 million. Initial consideration of #125,000 is being satisfied by the issue of 15,625,000 shares in Eicom at 0.8p per share. The shares are subject to normal lock-in and orderly market requirements and it is the Company's current intention to retain these shares, as a strategic investment. The additional consideration will be payable in Eicom shares at 0.8 pence per share as follows: #50,000 to be paid in shares if the turnover in either of the financial years ended 30 June 2006 or 30 June 2007 exceeds #275,000. Additionally, for each #1 by which the turnover for the financial year ended 30 June 2007 exceeds #400,000, 137.5 pence in shares will be paid to a maximum #825,000. Negotiations for the sale of Job Channel Limited to Eicom commenced in 2004, and consequently upon amendment of Rule 15 of the AIM Rules (relating to disposals resulting in a fundamental change of business) in March 2005, the Company sought the consent of the London Stock Exchange to the sale of Job Channel Limited without the need for the consent of the Company's shareholders being given in general meeting. This approval was given by the London Stock Exchange upon the Company's application. Following the sale of Job Channel Limited the Company's directors will continue to review the Company's activities and, if necessary, consent from shareholders for its future strategy will be sought at the Company's next AGM. The Directors have acquired significant knowledge and expertise relating to interactive digital television in the course of the last five years. The two investments held by the Company are in this area, namely the shares in Eicom specified above and a holding of 4,332,979 shares in YooMedia PLC. The Company has reviewed its investment in the latter and has now classified it as a current asset rather than a fixed asset. The Company has recently sold 2,050,000 shares in YooMedia to provide #300,000 of working capital. The Company believes that YooMedia has a leading position in the field of interactive digital television and is well placed to benefit from future growth in this field. It will review its investment from time to time and any decision as to the disposal of this investment will depend on the future trading performance of YooMedia, its share price and any future capital requirements of the Company, subject to the lock-in requirements applying to the majority of this holding. The Company is also actively exploring the opportunity of work with the European Union and the employment departments of various European Governments to make job vacancies available to viewers through interactive digital television. The Company gained considerable experience in this area by enabling the Jobcentre Plus division of the Department of Work and Pensions in the UK to make a database of job vacancies available to digital television subscribers on Sky, NTL and Telewest. EURES, the EU organisation responsible for employment services and labour mobility, is exploring with the Company plans for launching pilots in one or more European Union member states. 27 May 2005 This information is provided by RNS The company news service from the London Stock Exchange END DISVQLFLEEBXBBL
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