Disposal
February 24 2009 - 11:03AM
UK Regulatory
TIDMARGV
RNS Number : 8201N
Argentvive PLC
24 February 2009
ArgentVive plc
("ArgentVive" or the "Company")
Sale of business assets of Waterside Book Services Limited
ArgentVive announces that it has completed the sale of certain business assets
and liabilities of its wholly owned subsidiary Waterside Book Services Limited
("Waterside") to A-Plus Technology Limited, a company controlled by Mike Jarvie
and Mark Baxter, the current management of Waterside. The purchase price is
GBP279,700 to be satisfied by payment of GBP10,000 in cash at completion and the
assumption of liabilities totaling GBP269,700.
Waterside will be renamed Savblanc Limited, A-Plus Technology will change its
name to Waterside Book Services Limited and will trade under the Waterside brand
name.
Waterside is a specialist niche book wholesaler acquired by the Company in July
2004 for a total consideration of GBP350,000. Waterside is a seasonal business
focusing primarily on the passenger ferry market and required further working
capital in the short term that ArgentVive was unable to provide. The Board
believes that the sale of Waterside is in the best interest of the Company and
its shareholders.
The Board continues to explore further restructuring alternatives that are
necessary to secure the Company's future and further announcements will be made
in due course.
Enquiries:
+--------------------------------------------+--------------------------+
| ArgentVive plc | Tel: 01932 569912 |
| Kevin Fleming | |
| | |
+--------------------------------------------+--------------------------+
| Charles Stanley Securities | Tel: 020 7149 6000 |
| Nominated Adviser | |
| Russell Cook / Carl Holmes | |
+--------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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