Disposal

RNS Number : 6387C

Milestone Group PLC

03 September 2008

 



MILESTONE DISPOSES OF THE FLEX

AIM listed Milestone Group PLC ('Milestone' or 'the Company') announces it has disposed of its 80 per cent shareholding in The Flex (International) Limited ('The Flex').

The Company acquired its holding in The Flex in January 2008 for a nominal consideration of £100. In its Annual Report, published 31 March 2008, the Board announced it had placed development of The Flex on hold whilst it reviewed its business plan and prospects. The Board today transferred the Company's holding in The Flex to Evina Koroni for £100. Evina Koroni is an existing minority shareholder in The Flex and a consultant to Milestone. There will be no significant loss or write-offs on disposal and no ongoing warranty liabilities.

Milestone Chairman, John Sanderson, stated:

'The Board is in the advanced stages of preparing a new business plan for the Company based on a digital media proposition. In addition, the Board is reviewing potential opportunities to develop the Company's Oxford-based television unit. The Board considered The Flex was non-core to these plans and the best interests of Shareholders would now be served by pursuing new opportunities.'

For further information:

Milestone Group PLC

Deborah White, CEO                                020 7648 1043

Arden Partners plc

Richard Day                                               020 7398 1632

 

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