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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Media Square | LSE:MSQ | London | Ordinary Share | GB00B3BPTV88 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.80 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMSQ
RNS Number : 6090B
Media Square PLC
22 February 2011
Media Square plc ("Media Square" or the "Company")
Asset Disposal
Media Square announces that it has exchanged contracts to sell the trade and assets of its subsidiary arken limited ("arken") to Writtle Holdings Limited ("Writtle Holdings"). arken designs and manufactures point of purchase display materials and graphic display units from its base in Newmarket.
The sale price is GBP750,000, to be paid in cash on or before 28 February 2011. Net proceeds from the sale will be applied to reduce the Company's debt position.
In the financial year to 28 February 2010, arken recorded audited revenues of GBP3.6m and an operating profit of GBP265,000. It had net tangible assets of GBP881,000 and goodwill of GBP500,000. In the six month unaudited period to August 2010 the company generated revenues of GBP1.4m and an operating loss of GBP155,000.
In addition, as part of the transaction, Writtle Holdings has been granted the option to acquire the freehold premises occupied by arken and owned by Media Square for the sum of GBP3.25 million in cash. This option expires on 31(st) December 2011 and is exercisable at the sole discretion of Writtle Holdings Limited.
Roger Parry, Chairman of Media Square, commented: "arken has a long track record as a leader in the point of purchase industry, but it is a very different business from the rest of the Media Square agency portfolio. Writtle should be an excellent home for arken, as they already have several businesses in the same industry sector and have a long track record of success with this type of business."
For further information please contact:
Media Square plc www.mediasquare.co.uk Roger Parry 020 3026 6601 Peter Reid 020 3026 6607 Collins Stewart Europe Limited Adrian Hadden/Stewart Wallace 020 7523 8350
This information is provided by RNS
The company news service from the London Stock Exchange
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