BRF Bright Future

RNS Number:4894Z
Bright Futures Group PLC
08 March 2006



                            BRIGHT FUTURES GROUP PLC

                        Disposal of Trading Subsidiaries

                                 Notice of EGM


Bright Futures Group Plc, the UK mobility retailer, ("Bright Futures" or 
"Company") announces that yesterday it entered into a conditional sale and
purchase agreement to dispose of the entire issued share capital of each of the
trading subsidiaries of the Company, being Cascade Ventures Limited, The
Mobility Group Limited, Youreable Limited, Scootermart Mobility Centres Limited,
Scooter Mart Limited and Ortho-Kinetics (UK) Limited (together "the Trading
Subsidiaries") and certain other assets and liabilities of the Company to Sussex
Wellbeing Limited ("SWL") ("the Disposal").


As the Disposal will result in the Company no longer having a trading business,
the sale and purchase agreement is conditional, inter alia, on the passing of
the resolution to be proposed at an extraordinary general meeting of the Company
on 30 March 2006 ("EGM").



Reasons for the Disposal


In the light of the difficulties still being encountered in the retail sector,
the directors of Bright Futures ("Directors") have concluded that the business
of the Company is unlikely to achieve significant returns for shareholders in
the foreseeable future.  The offer from SWL to acquire the Trading Subsidiaries
represents an opportunity for the Company to realise immediate value from its
operations.


Financial Performance


The financial performance of the Company, which represents the business carried
on by the Trading Subsidiaries, for the two years ended 31 December 2004 and the
six months ended 30 June 2005 was as follows:


                                                     Six months ended          Year ended         Year ended
                                                              30 June         31 December        31 December  
                                                                 2005                2004               2003
                                                                #'000               #'000              #'000
Turnover                                                        1,733               4,632              5,355
Operating (loss)/profit                                         (400)               (209)                119
(Loss)/profit after taxation                                    (399)               (203)                121

(Loss)/profit per share                                  (0.83) pence        (0.22) pence         0.72 pence



Principal terms of the Disposal


Under the terms of the sale and purchase agreement, the Company has agreed to
dispose of the entire issued share capital of each of the Trading Subsidiaries,
along with its trading business and associated assets and liabilities of the
Company itself, save for its contracts in relation to its listing on AIM and any
tax liabilities, to SWL, for a consideration of #913,719 to be satisfied by the
payment of cash on completion.


Board Changes


Upon completion of the Disposal, Tony Greenwood and Michael Dolan will resign as
directors of the Company with immediate effect.  Stephen Harpin will be joining
SWL in an executive capacity to oversee the operations of the Trading
Subsidiaries and will become a non-executive director of the Company upon
completion of the Disposal.  Emma Myers and Anthony Leon will remain on the
board of the Company.


Investing Strategy


Following the Disposal, the Directors believe that the funds which will be in
the Company could be attractive to a number of potential targets/investments.


The Directors would prefer to acquire another company or business in exchange
for the issue of ordinary shares in a single transaction (a "reverse takeover").
  
The Directors main investment criteria are: -



*   businesses which operate within broadly the same market as
    those of the Trading Subsidiaries;



*   businesses whose growth prospects, if achieved, will be
    earnings enhancing for Shareholders;



*   businesses which require little or no funding in excess of
    the cash resources available to the Company following the Disposal; and



*   maximising the value of the cash within the Company which the Directors 
    believe is a valuable asset for emerging companies for whom
    conventional fundraising opportunities are not always available.



Any acquisition of the Company will be put to the shareholders for their
approval at the appropriate time.



There is no guarantee that the Company will make a successful acquisition.
However, if an acquisition and/or investment is not completed by 31 December
2006, the Directors will give Shareholders the opportunity to consider the
future of the Company by convening an extraordinary general meeting to consider
whether the Company should distribute funds to shareholders.



EGM


A circular with details of the EGM has been sent to shareholders and is
available from the offices of Corporate Synergy Plc, 30 Old Broad Street, London
EC2N 1HT until 30 March 2006.  The EGM will be held at 10.00 a.m. on 30 March
2006 at Rowe Cohen, 6th Floor, Quay House, Quay Street, Manchester M3 3JE.



RECOMMENDATION


The Directors consider the terms of the Disposal and the resolution to be in the
best interests of the Company and its shareholders. Accordingly, the Directors
unanimously recommend shareholders to vote in favour of the Resolution as they
have irrevocably undertaken to do in respect of their aggregate holding of
3,271,662 Ordinary Shares, representing 6.84 per cent. of the issued share
capital of the Company.



FURTHER INFORMATION





Stephen Harpin - Bright Futures Group             01902 866166


William Vandyk - Corporate Synergy Plc            020 7448 4400




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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