Joint Venture Update
16 September 2009 - 9:11PM
UK Regulatory
TIDMTLR
RNS Number : 1583Z
Local Radio Company PLC (The)
16 September 2009
16th September 2009
THE LOCAL RADIO COMPANY PLC
(the "Local Radio Company'" or the '"Company")
Update on Quadrant Media JV with Portsmouth FC
The Local Radio Company announces that it has entered into an agreement with
Portsmouth FC relating to its Quadrant Media JV. Under this agreement Portsmouth
FC has acquired 100% of The Quay Radio for a nominal sum effective from
31st August 2009, and the Local Radio Company has acquired Portsmouth FC's 26%
holding in Quadrant Media for a consideration of GBP80,000.
This agreement increases the Local Radio Company's interest in Spirit FM to
100%.
The Quay Radio is the Radio Licensee serving Portsmouth. It has an audience of
48,000 listeners listening for 205,000 hours per week (Source: Rajar Q2 2009).
In the ten months ended 31st July 2009 the station had a turnover of GBP535,835
and an operating loss of GBP181,141 after central costs. At 31st July 2009 the
station had net liabilities of GBP296,985.
Spirit FM is the Radio Licensee serving Chichester, Bognor Regis and
Littlehampton. It has an audience of 43,000 listeners listening for 372,000
hours per week (Source: Rajar Q2 2009). In the ten months ended 31st July 2009
the station had a turnover of GBP707,154 and an operating profit of GBP7,049
after central costs. At 31st July 2009 the station had net assets of GBP95,265.
For further information please contact:
William Rogers
Chief Executive Officer
The Local Radio Company plc
Tel: 01209 310435
Gavin Burnell / Brett Miller
Astaire Securities plc
Nominated Adviser & Broker
Tel: 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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