Completion of Asset Disposal (0367C)
01 Mars 2011 - 8:01AM
UK Regulatory
TIDMMSQ
RNS Number : 0367C
Media Square PLC
01 March 2011
Media Square plc ("Media Square" or the "Company")
Completion of Asset Disposal
Further to its announcement on 22 February 2011, Media Square is
pleased to announce that, following the exchange of contracts, the
sale of the trade and assets of its subsidiary arken POP Limited
("arken") to Writtle Holdings Limited ("Writtle Holdings") has now
completed. The sale price of GBP750,000 has been paid in cash. 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.
As previously stated, 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. With effect from 1 March 2011, Writtle has entered into a
lease agreement with Media Square for the use of the freehold
premises until such time as the option is exercised or, if the
option is not exercised, for a period of not less than 10 years to
end February 2021. From 1 March 2011 to 31 Dec 2011, Writtle will
pay rent at a rate of GBP235,000 pa, which will increase to
GBP300,000 pa from 1 Jan 2012 and will be subject to upward only
annual open market rent reviews.
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
END
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