Re Administration (9130T)

TIDMMSQ

RNS Number : 9130T

Media Square PLC

13 December 2011

Media Square plc ("Media Square" or the "Company")

Acquisition of Media Square by MSQ Partners Limited

Further to the announcement on 9 December, Media Square announces that its Administrators have executed a sale of the Company's shareholdings and its chattel assets to MSQ Partners Limited ("MSQ") for a total consideration of GBP11 million payable in cash and satisfied through new debt facilities provided to MSQ. The sale proceeds will be used to repay, in part, the loans outstanding to Media Square's bank.

Roger Parry, Peter Reid and Dean Wright have been appointed Chairman, Chief Executive and Finance Director respectively of MSQ in order to maintain continuity for the business and staff. Roger Parry and Peter Reid are shareholders in MSQ.

In the year to 28 February 2011, the Company reported revenue of GBP45.4 million and a loss before tax of GBP0.4 million. As a result of the transaction, the Company will have no trading business, and it is therefore the administrators' intention that the Company exit administration and be dissolved as appropriate. Creditors will be paid in full with the exception of the loans outstanding to Media Square's bank. There will be no return to Media Square's shareholders.

As a result of the above, Collins Stewart's engagement as Nominated Adviser and Broker to Media Square was terminated with immediate effect yesterday. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month the Exchange may cancel the admission of the Company's securities. Accordingly the potential cancellation time and date is 7.00am on 12 January 2012.

For further information please contact:

 
 PricewaterhouseCoopers LLP 
 
 Sukhjinder Raj                    0113 289 4584 
 Collins Stewart Europe Limited 
 Matt Goode/Adam Miller            020 7523 8350

This information is provided by RNS

The company news service from the London Stock Exchange

END

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