Disposal
September 02 2009 - 3:05AM
UK Regulatory
TIDMMKM
RNS Number : 3787Y
MKM Group PLC
02 September 2009
MKM GROUP PLC
Sale of majority shareholding in Promodus Limited
MKM Group plc ("MKM" or the "Company") today announces the sale of 90% of the
issued share capital of Promodus Limited ("Promodus"), its London-based
marketing and communications subsidiary, to Stripe Marketing Limited ("Stripe
Marketing"). The Company will retain a minority interest of 10% in Promodus
following the sale.
MKM will receive a consideration of 24,743 ordinary GBP1 shares in Stripe
Marketing, representing 8% of the issued share capital of Stripe Marketing, and
the provision of design and office services to MKM for a limited period to a
value of GBP32,620. Stripe Marketing is a recently established private company
which has not yet filed any audited accounts. According to the terms of the
sale and purchase agreement, the sale will be completed two business days after
the transfer to Stripe Marketing of 47.5% of the issued share capital of another
company which is expected to be completed within the next two weeks.
The last audited accounts of Promodus for the year ended 31 December 2007
recorded a profit before tax of GBP125,902. However, the Promodus unaudited
management accounts recorded a loss before tax in the fifteen months ended 31
March 2009 of GBP122,262. The unaudited net asset value of Promodus on 31 March
2009 was GBP5,074.
MKM intends to retain its shareholdings in Promodus and Stripe Marketing as
medium-term investments.The Company believes that this new structure will
facilitate the further development of the Promodus business and will deliver a
higher return to the Company than the existing ownership structure. It will also
allow the management of MKM to focus more closely on its remaining UK business
trading as The Leapfrog Group and Airport Angel.
For further information, please contact:
+----------------------------------------------+-------------------------+
| MKM Group Plc | T: 0161 877 1112 |
| Brian Smillie, Chief Executive | |
| Matthew Toynton, Finance Director | |
| | |
+----------------------------------------------+-------------------------+
| WH Ireland Limited | T: 0161 832 2174 |
| Robin Gwyn | |
| | |
+----------------------------------------------+-------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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