Future PLC
29 November 2006
29 November 2006
Future plc
Disposal of Future Media Italy S.p.A
Future plc ('Future'), the international special-interest media group, today
announces that it has agreed to dispose of the entire issued share capital of
Future Media Italy S.p.A ('Future Media Italy') to Sprea Editori S.p.A ('Sprea')
and Mr Bernardo Notarangelo, for a cash consideration of Euro 1,100,000, payable
in cash upon completion. There are no conditions precedents to completion, which
is expected in early December 2006. Bernardo Notorangelo will continue to act as
managing director of Future Media Italy.
Future Media Italy publishes 13 monthly magazines and employs 89 staff. Revenue
for Future Media Italy for the year ended 30 September 2006 was €19.4 m and
EBITAE profits were €0.2m. As at 30 September 2006, the gross assets of Future
Media Italy were €6.0m.
Future has agreed to continue licensing eight of its titles to Future Media
Italy on broadly the same terms as at present.
The disposal proceeds will be used to reduce the level of bank debt.
Enquiries:
Future plc
Stevie Spring, Chief Executive Tel: 020 7042 4007
John Bowman, Group Finance Director: Tel: 020 7042 4031
Hogarth Partnership
James Longfield/Georgina Briscoe Tel: 020 7357 9477
This information is provided by RNS
The company news service from the London Stock Exchange
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