Imagination Technologies Group PLC Sale of Pure and Q1 trading update (1383L)
29 September 2016 - 4:00PM
UK Regulatory
TIDMIMG
RNS Number : 1383L
Imagination Technologies Group PLC
29 September 2016
29 September 2016
Imagination Technologies Group plc
Sale of Pure and Q1 trading update
Imagination Technologies Group plc (LSE: IMG, "Imagination",
"the Group"), a leading multimedia, processor and communications
technology company, announces the sale of its Pure digital radio
business and a trading update for the first quarter of
Imagination's financial year.
The Pure business, with its assets and liabilities, is being
sold on a cash and debt free basis to AVenture AT GmbH, an Austrian
company, for GBP2.6 million in cash. The buyer has also been
granted an option to acquire one of the Group's properties in Kings
Langley, Hertfordshire for GBP4.5 million. The cash will be used to
reduce the Group's debts.
In the year to 30 April 2016, Pure's loss before tax was GBP7.9m
and it had gross assets of GBP5.2m. The deal is expected to
complete on 30 September 2016.
The performance of the Group's continuing operations in the
first quarter of the financial year to 30 April 2017 continues to
be in line with the Board's expectations.
The sale of other non-core cash consuming activities is
progressing with on-going discussions with several interested
parties. A small part of IMG Systems was sold earlier in September
for minimal consideration.
Andrew Heath, Chief Executive, said:
"With the difficulties of last year behind us, continuing
operations have traded in line with expectations in the first
quarter.
"I would like to thank the staff of Pure for their contribution
to Imagination over the years and wish them, and Pure's new owners,
well for the future. The sale underlines the Group's focus on its
core IP licensing activities."
ENQUIRIES:
Imagination Technologies Tel: 01923 260 511
Group plc
Andrew Heath, Chief Executive
Officer
Guy Millward, Chief Financial
Officer
Instinctif Partners Tel: 020 7457 2020
Adrian Duffield/Kay Larsen/Chantal
Woolcock
This information is provided by RNS
The company news service from the London Stock Exchange
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