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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Expomedia Grp | LSE:EXP | London | Ordinary Share | GB0031056673 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1143J Expomedia Group PLC 27 November 2008 27 November 2008 EXPOMEDIA GROUP PLC ("Expomedia" or "the Group") DISPOSAL OF INTEREST Expomedia Group plc, the AIM quoted media group with interests in exhibitions, conferences, venue management and related publishing, announces today that it has entered in a contract to dispose of the assets of its subsidiary Expocentre Koln GmbH, owner of the business lease of the Cologne venue ("Expocentre Koln") to Expo XXI Koln GmbH ("Purchaser"). The Purchaser is a company controlled by Christoph Renevier who is also a 20 per cent. minority shareholder in Expomedia Deutschland GmbH, the parent company of Expocentre Koln. Expomedia owns the remaining 80 per cent of Expomedia Deutschland GmbH. The aggregate consideration payable by the Purchaser is EUR1.7 million. It is anticipated that the sale of the assets Expocentre Koln, which include a lease on the Cologne venue, will be completed before 15 December 2008 when the Purchaser will pay the sum of EUR1.7 million. The directors expect that following this sale that Expomedia Deutschland GMBH will dispose of the shares in Expocentre Koln GMBH no later than the end of January 2009 when the Purchaser will pay an expected consideration of EUR0.3 million. In the year ended 31 December 2007 the revenue of Expocentre Koln was EUR1.5million and the loss before tax was EUR0.8million. The carrying value of the Groups investment in Expocentre Koln, is EUR0.3 million and, as a consequence of the transaction, the Group will realise an exceptional gain of EUR1.7 million on the both transactions less associated legal costs and tax. The Board has, for some time, been negotiating without success to sell the Cologne business lease in Germany to the Purchaser, however the Purchaser was unable to obtain the requisite bank finance to complete the sale. Roger Shashoua, a non executive director of the Company, in a personal capacity, has lent EUR390,000 to Christoph Renevier to enable the transaction to proceed. In addition, on Friday, 21 November 2008, Roger Shashoua also provided an additional working capital loan of EUR350,000 to the Group's Polish venue business to cover an immediate working capital shortfall. This is in addition to the EUR1million loan made by Roger Shashoua to Group in August 2008, pursuant to the EUR2.0 million loan facility that was made available by Roger Shashoua to the Group and which was announced on 5 August 2008. The net proceeds to the Group from the German sale after the repayment of loans to Roger Shashoua will be approximately EUR700,000 which would otherwise not be available to the Group. Christoph Renevier, by virtue of being a 20 per cent shareholder of a subsidiary of the Group, is deemed a related party for the purposes of AIM Rule 13. The Directors, excluding Roger Shashoua, having consulted with Charles Stanley Securities, the Company's Nominated Adviser, believe that the disposal of the Group's interest in the Cologne business lease is fair and reasonable insofar as shareholders are concerned. --END-- Enquiries: Bishopsgate Communications Ltd. Maxine Barnes Gemma O'Hara Tel: 020 7562 3350 Expomedia Group Plc Mark Shashoua/Darra Comyn Tel: 020 8386 0070 Charles Stanley Securities (Nominated Adviser) Mark Taylor Tel: 020 7149 6000 This information is provided by RNS The company news service from the London Stock Exchange END STREAKFXAFAPFFE
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