Litebulb Group Limited Disposal of Go Entertainment (7058Q)
March 02 2016 - 2:00AM
UK Regulatory
TIDMLBB
RNS Number : 7058Q
Litebulb Group Limited
02 March 2016
2 March 2016
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Disposal of Go Entertainment
LiteBulb (AIM: LBB), the branded product developer, announces
that it has completed the sale of the entire share capital of Go
Entertainment Group Limited ("Go Entertainment") and its
subsidiaries for consideration of GBP1 (the "Consideration") to
Eclipse Media Limited. Eclipse Media Limited is controlled by
members of the senior management team of Go Entertainment.
Go Entertainment develops and manufactures consumer products
focusing on DVDs, books, magazines and other gift products.
LiteBulb acquired Go Entertainment in April 2014 but since that
time the division has suffered a significant decline in its core
markets which has resulted in a shortfall in its expected
contribution to the Company. In the year ended 31 December 2015, Go
Entertainment generated unaudited revenues of approximately GBP5.5
million and a loss before tax of approximately GBP1.7 million. As
at 31 December 2015 Go Entertainment had unaudited gross assets of
approximately GBP3.2 million and indebtedness of approximately
GBP447,000.
As announced on 22 February 2016, Litebulb remains in active
discussions to secure additional financing of approximately GBP2.0
million through an equity fundraising alongside the associated
restructuring of its indebtedness. The Board notes that the
Company's current cash position remains tight.
For further information, please contact:
LiteBulb Group Limited www.litebulbgroup.com
Howard Partington, Interim Tel: 020 3384 7100
Chief Executive
Guy Pettigrew, Group Finance
Director
finnCap (NOMAD & Broker) Tel: 020 7220 0500
Stuart Andrews / Adrian Hargrave
/ Scott Mathieson (Corporate Finance)
Joanna Scott (Corporate
Broking)
Walbrook PR Limited Tel: 020 7933 8780 or
litebulb@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / Mob:
07884 664 686
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative
brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over
30 countries through blue chip retailers including: Tesco, M&S,
John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next,
Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach,
delivering compelling and agile brand extension programmes to the
entertainment industry. LiteBulb Creative has designed products and
campaigns for clients around the world, including Disney, Hasbro
and Miramax.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISBIGDXGBGBGLB
(END) Dow Jones Newswires
March 02, 2016 02:00 ET (07:00 GMT)
Litebulb Grp (LSE:LBB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Litebulb Grp (LSE:LBB)
Historical Stock Chart
From Oct 2023 to Oct 2024