Electric Word PLC Sale of the business & assets of Speechmark Publis (2193P)
2016年11月15日 - 8:01PM
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RNS Number : 2193P
Electric Word PLC
15 November 2016
15 November 2016
Electric Word Plc (the "Company")
Sale of the business and assets of Speechmark Publishing
Limited
The directors of Electric Word plc (the "Board") are pleased to
announce the sale of the trade and certain assets of the Company's
subsidiary, Speechmark Publishing Limited ("Speechmark"), to
Informa UK Limited, trading as Taylor & Francis Group.
Speechmark is part of the Education division of Electric Word
plc and publishes books and other associated products to support
the education and practice of speech and language therapists and
other professionals working in the areas of education, especially
additional educational needs, mental health and elderly care.
The total consideration is being satisfied in cash, and
comprises GBP1,850,000, with GBP1,665,000 payable on completion and
GBP185,000 payable on the first anniversary of the completion
date.
In the year ended 30 November 2015, Speechmark made a loss
before tax of GBP179,892 (which includes a charge of GBP156,370
towards Company central overheads, and a management charge by the
Company of GBP95,000) on turnover of GBP1,590,947. The value of the
gross assets of Speechmark at 30 November 2015 was
GBP5,336,010.
The Board would like to thank the staff of Speechmark for their
dedication and hard work in this long-established and high quality
business.
The sale of Speechmark follows the sale of Optimus Education
Limited, announced earlier this month, and concludes the disposal
of the Company's loss-making Education division. This completes the
strategic process of refocusing the Company solely on the continued
growth of its SportBusiness Group.
The Board is now reviewing the infrastructure and working
capital necessary for the future development of SportBusiness Group
and the extent, form and timing for returning cash to shareholders.
A further announcement in this regard will be made in due
course.
For further enquiries please contact:
Julian Turner, Chief Executive, Electric Word 020 7265 4170
Andrew Potts, Panmure Gordon 020 7886 2500
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Electric Word plc is a specialist media group supporting
professionals in the business of Sport through digital subscription
services and bespoke research and consultancy. Our aim is to
provide our customers with decision-critical data and
market-leading analysis and expertise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 15, 2016 06:01 ET (11:01 GMT)
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