Eckoh Technologies PLC
29 December 2003
For Immediate Release 29th December 2003
Sale of Investment in Rivals Digital Media
Eckoh Technologies plc ("Eckoh") today announces that it has agreed to sell its
40% equity investment in Rivals Digital Media Limited ("Rivals") as part of a
sale of the entire share capital of Rivals to ukbetting plc. Eckoh will receive
consideration totaling £700,000, payable half in cash and half in ukbetting plc
shares. In addition, potential loan commitments from Eckoh totaling £250,000
have been cancelled.
Last year Eckoh wrote down its investment in Rivals to zero, and will therefore
report an exceptional gain from the sale in this year's financial statements.
Rivals is the producer, publisher and distributor of sports content across
digital platforms, particularly the internet and mobile phones. Rivals reported
a loss for the year to 31st August 2003 of £1.12 million (2002: £1.69 million
loss) on a turnover of £3.70 million (2002: £2.33 million). Net assets at 31st
August were £3,000.
Martin Turner, Chief Executive Officer of Eckoh, commented:
"This sale completes our exit from internet content provision. The Rivals
management team have done an excellent job over the past two years, and we wish
them and ukbetting the very best of luck in the future."
For further enquiries, please contact
Eckoh Technologies plc Tel: 08701 100 700
Martin Turner, Chief Executive Officer
Buchanan Communications Tel: 020 7466 5000
Mark Edwards/Jeremy Garcia
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.