Disposal
24 November 2009 - 10:24PM
UK Regulatory
TIDMCSC
RNS Number : 9862C
cScape Group PLC
24 November 2009
cScape Group plc ("the Company")
Disposal of ITM Graphics Limited and ITM Publishing Services Limited (together
the "ITM Group")
cScape Group plc (AIM:CSC) announces that, on 23 November 2009, the Company
disposed of its wholly owned subsidiaries, ITM Group, to the existing management
team of ITM Group, for a maximum cash consideration of GBP150,000.The
consideration comprises an initial cash payment of GBP25,000 and deferred
payments, in aggregate, of GBP125,000 over a period of six years (subject to
certain conditions).
The principal activity of ITM Group is computer typesetting, pre-press services
and management services.
For the year ended 30 June 2009, ITM Graphics Limited made a profit before tax
of GBP5,802 on turnover of GBP1,910,708. As at 30 June 2009, ITM Graphics
Limited had net assets of GBP145,522. For the year ended 30 June 2009, ITM
Publishing Services Limited made a loss before tax of GBP61,032 on turnover of
GBP1,150,511. As at 30 June 2009, ITM Publishing Services Limited had net
liabilities of GBP61,031.
The directors believe that the disposal of the ITM Group will allow cScape to
focus on the remaining subsidiaries within the group and release additional
working capital.
The disposal, as set out above, is considered to be a related party transaction
under the AIM Rules for Companies. The directors of cScape consider, having
consulted with the Company's nominated adviser, that the terms of the Disposal
of ITM Group are fair and reasonable insofar as the Company's shareholders are
concerned.
24 November 2009
For further information, please contact:
Smith & Williamson Corporate Finance Limited Tel: 020 7131 4000
Azhic Basirov / Charles Combe
This information is provided by RNS
The company news service from the London Stock Exchange
END
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