Joint Venture Update

 

TIDMTLR 
 
RNS Number : 1583Z 
Local Radio Company PLC (The) 
16 September 2009 
 

16th September 2009 
 
 
THE LOCAL RADIO COMPANY PLC 
(the "Local Radio Company'" or the '"Company") 
 
 
Update on Quadrant Media JV with Portsmouth FC 
 
 
The Local Radio Company announces that it has entered into an agreement with 
Portsmouth FC relating to its Quadrant Media JV. Under this agreement Portsmouth 
FC has acquired 100% of The Quay Radio for a nominal sum effective from 
31st August 2009, and the Local Radio Company has acquired Portsmouth FC's 26% 
holding in Quadrant Media for a consideration of GBP80,000. 
 
 
This agreement increases the Local Radio Company's interest in Spirit FM to 
100%. 
 
The Quay Radio is the Radio Licensee serving Portsmouth. It has an audience of 
48,000 listeners listening for 205,000 hours per week (Source: Rajar Q2 2009). 
In the ten months ended 31st July 2009 the station had a turnover of GBP535,835 
and an operating loss of GBP181,141 after central costs. At 31st July 2009 the 
station had net liabilities of GBP296,985. 
 
 
Spirit FM is the Radio Licensee serving Chichester, Bognor Regis and 
Littlehampton. It has an audience of 43,000 listeners listening for 372,000 
hours per week (Source: Rajar Q2 2009). In the ten months ended 31st July 2009 
the station had a turnover of GBP707,154 and an operating profit of GBP7,049 
after central costs. At 31st July 2009 the station had net assets of GBP95,265. 
 
 
 
 
For further information please contact: 
 
 
 
 
William Rogers 
Chief Executive Officer 
The Local Radio Company plc 
Tel: [phone] 
 
 
Gavin Burnell / Brett Miller 
Astaire Securities plc 
Nominated Adviser & Broker 
Tel: [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 JVEEAENKFLANEFE