Disposal
February 10 2009 - 7:24AM
UK Regulatory
TIDMEXP
RNS Number : 0836N
Expomedia Group PLC
10 February 2009
EXPOMEDIA GROUP PLC - IN ADMINISTRATION ("THE COMPANY")
DISPOSAL
After the appointment of Paul Williams and Geoffrey Bouchier of MCR as
Administrators of the Company (the "Administrators"), John Neville Whitfield and
Daniel Robert Whiteley Smith both of Grant Thornton UK LLP, 30 Finsbury Square,
London, EC2P 2YU were appointed as administrators of Expomedia Events Limited
(in administration) (a subsidiary of the Company) by the directors of that
company on 27 January 2009.
The Administrators can announce that, on 6 February 2009, they were advised by
Grant Thornton UK LLP that they had reached an agreement for the sale of the
shares held by Expomedia Events Limited (in administration) in Tafcon Expomedia
India Private Ltd and Expomedia Events India Private Ltd ("Indian Companies") to
CS Centralstation Services Limited (the "Purchaser").
The Purchaser is a company incorporated in Cyprus. At the time of the
acquisition, it is understood by the Administrators that Christopher Stainforth
is a director of the Purchaser and he and Mark Shashoua, both of whom were
directors of the Company, both have a 10% interest in the Purchaser. Stancroft
Trust Ltd which is a shareholder in the Company has a 32% interest in the
Purchaser. In addition a company associated with Roger Shashoua, a former
director of the Company, has provided some of the debt finance to the Purchaser
to fund the acquisition.
The Indian Companies are both organisers of 5 international exhibitions in
India.For the year ending 31 December 2007, revenue of EUR1.7 million and profit
after tax of EUR50,000 is attributable to the Indian Companies. The net assets of
the Indian Companies as at 31 December 2007 were EUR1.1 million. These results
were issued prior to the announcement on 10 November 2008 when it was announced
that there was a significant downturn in profitability and immediate cash flow
was required. The Administrators have been advised by the Purchaser that the
total cost for the shares in the Indian Companies was in excess of EUR300,000
(acquisition of the shares, legal and professional costs and immediate cash flow
requirement).
Enquiries:
MCR Corporate Restructuring
020 7487 7240
Paul Williams
Geoffrey Bouchier
expomedia@mcr.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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