Disposal

 

TIDMEXP 
 
RNS Number : 0836N 
Expomedia Group PLC 
10 February 2009 
 

EXPOMEDIA GROUP PLC - IN ADMINISTRATION ("THE COMPANY") 
 
 
DISPOSAL 
 
 
 
After the appointment of Paul Williams and Geoffrey Bouchier of MCR as 
Administrators of the Company (the "Administrators"), John Neville Whitfield and 
Daniel Robert Whiteley Smith both of Grant Thornton UK LLP, 30 Finsbury Square, 
London, EC2P 2YU were appointed as administrators of Expomedia Events Limited 
(in administration) (a subsidiary of the Company) by the directors of that 
company on 27 January 2009. 
 
 
The Administrators can announce that, on 6 February 2009, they were advised by 
Grant Thornton UK LLP that they had reached an agreement for the sale of the 
shares held by Expomedia Events Limited (in administration) in Tafcon Expomedia 
India Private Ltd and Expomedia Events India Private Ltd ("Indian Companies") to 
CS Centralstation Services Limited (the "Purchaser"). 
 
 
The Purchaser is a company incorporated in Cyprus. At the time of the 
acquisition, it is understood by 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. 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 Indian Companies are both organisers of 5 international exhibitions in 
India.For the year ending 31 December 2007, revenue of EUR1.7 million and profit 
after tax of EUR50,000 is attributable to the Indian Companies. The net assets of 
the Indian Companies as at 31 December 2007 were EUR1.1 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 Administrators have been advised by the Purchaser that the 
total cost for the shares in the Indian Companies was in excess of EUR300,000 
(acquisition of the shares, legal and professional costs and immediate cash flow 
requirement). 
 
 
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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