Disposal

 

TIDMEXP 
 
RNS Number : 3975M 
Expomedia Group PLC 
28 January 2009 
 

EXPOMEDIA GROUP PLC - IN ADMINISTRATION ("THE COMPANY") 
 
 
DISPOSAL 
 
 
 
Further to the appointment of Paul Williams and Geoffrey Bouchier of MCR as 
Administrators of the Company (the "Administrators") they can announce that, on 
16 January 2009, an agreement was reached for the disposal of various assets of 
the Company to CS Centralstation Services Limited (the "Purchaser"). 
 
 
The Purchaser is a company incorporated in Cyprus. The Purchaser has advised the 
Administrators that Christopher Stainforth is a director of the Purchaser and he 
and Mark Shashoua, both of whom were directors of the Company, both have a 10% 
interest in the Purchaser. The Purchaser has also advised that Stancroft Trust 
Ltd, which is a shareholder in the Company, has a 32% interest in the Purchaser. 
In addition a company associated with Roger Shashoua, a former director of the 
Company, has provided some of the debt finance to the Purchaser to fund the 
acquisition. 
 
 
The assets (the "Assets") disposed included records, information technology, 
equipment, intellectual property and databases held by the Company. The Assets 
also included shareholdings in the following subsidiaries of the Company:- 
 
 
India International Expo XXI Pvt Limited (incorporated in India), a company that 
manages a venue in Greater Noida, India; 
 
 
Tafcon Expomedia International Pvt Limited (incorporated in India), a company 
that organises two joint exhibitions in India; 
 
 
Expomedia Events (UK) Limited (incorporated in England and Wales), a company 
that hold shares in Mash Media Group Ltd a company that publishes exhibition and 
conference related magazines and directories; 
 
 
CEE Exhibitions Limited (incorporated in Cyprus), a company that owns shares in 
two subsidiaries Miedzynarodowe Targi Warszawskie Sp. z o.o. an organiser of 
exhibitions and conferences in Warsaw and OOO Central European Exhibitions an 
organiser of exhibitions and conferences in Moscow; and 
 
 
Expo XXI Venue Management Limited (incorporated in Cyprus), a company that 
provides management services to a venue in Zagreb, Croatia. 
 
 
The Assets further included all of the debts of the above companies owed to the 
Company as well as certain other debts owed to the Company totalling 
EUR13.1million. 
 
 
For the year ending 31 December 2007, revenue of EUR15.3 million and profit after 
tax of EUR325,000 is attributable to the Assets. The net liabilities of the above 
companies as at 31 December 2007 were EUR9.3 million. These results were issued 
prior to the announcement on 10 November 2008 when it was announced that there 
was a significant downturn in profitability and immediate cash flow was 
required. The total cost to the Purchaser for the Assets was in excess of 
EUR300,000 (inclusive of legal and professional costs). 
 
 
The Purchaser also acquired an option to purchase other assets of the Company 
which, if exercised, will cost the Purchaser up to a maximum of EUR700,000. 
 
 
The sale of the Assets and the granting of the Option by the Company will assist 
the Administrators in the process of organising the affairs of the Company and 
the proceeds will be applied accordingly. 
 
 
Paul Williams of MCR stated: "The Administrators are satisfied that the 
consideration paid for the Assets represents the best return for creditors in 
the circumstances" 
 
 
 
 
 
 
Enquiries: 
 
 
MCR Corporate Restructuring   020 7487 7240 
Paul Williams 
Geoffrey Bouchier 
[e-mail] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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