Disposal of Education Division
March 04 2010 - 3:21AM
UK Regulatory
TIDMHVX
RNS Number : 0761I
Huveaux PLC
04 March 2010
Huveaux plc
For immediate release
4 March 2010
Huveaux plc
("Huveaux" or the "Company")
Sale of Education Division
The Board of Huveaux (the "Board") is pleased to announce that it has today
signed a conditional contract for the sale of the entire share capital of Letts
Educational Limited and Leckie & Leckie Limited and the business and assets of
Lonsdale (together the "Education Division") for a cash consideration of GBP10.0
million, payable in full upon completion, to Harper Collins Publishers Limited
(the "Disposal").
The Directors consider that the Disposal represents an opportunity to divest the
business to a leading specialist with a commitment to the education sector on
terms which are attractive to Huveaux when measured in the context of the recent
performance of the Education Division.
The Disposal is conditional, inter alia, on the completion of employee
consultations and is expected to complete on or around 19th March 2010.
The proceeds of the sale will be used to repay all of the Company's outstanding
debt. As at 31 December 2009, Huveaux had net debt of GBP6.6 million.
The Education Division supplies study aids and revision guides in the UK across
all subjects and stages of the UK schools curriculum. In the six months ending
30 June 2009, the Education Division generated revenue of GBP4.1 million (year
ending 31 December 2008 - GBP10.7 million) and earnings before interest, tax,
depreciation and amortisation from operations of GBP0.2 million (Year ending 31
December 2008 - GBP2.3 million). The net assets attributable to the Education
Division amounted to GBP22.4 million as at 31 December 2008. Further information
on the trading performance of the Education Division will be included within the
Huveaux Group's preliminary statement of audited results for the year ended 31
December 2009, scheduled for release on 22nd March 2010.
Following the Disposal, the Huveaux group comprises solely the Political
Division, the UK and EU market leader in political publishing, information and
communication. The Directors will update shareholders on the results of and
expectations for the Political Division within the preliminary results
statement.
Enquiries:
+-------------------------------+-------------------------------+
| Huveaux plc | Telephone |
| | |
| Kevin Hand | 020 7811 5026 |
| Non-Executive Chairman | |
| Gerry Murray | |
| Chief Executive Officer | |
| Rupert Levy | |
| Group Finance Director | |
| | |
+-------------------------------+-------------------------------+
+-------------------------------+-------------------------------+
| KPMG Corporate Finance | Telephone |
| (financial adviser) | |
| | |
| David Elms | 020 7311 1000 |
| Susan Walker | |
+-------------------------------+-------------------------------+
+-------------------------------+-------------------------------+
| Brewin Dolphin Limited | Telephone |
| (nominated adviser) | |
| | |
| Sandy Fraser | 0845 213 2072 |
| | |
+-------------------------------+-------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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