CSS Stellar PLC
25 February 2005
Immediate Release Friday 25 February 2005
CSS STELLAR PLC
DISPOSAL
The Board of CSS Stellar plc ('CSS') is pleased to announce the sale of its
58.5% stake in Target Entertainment Limited ('Target') for £625,000 in cash to
Amphitrite Limited, a company controlled by Richard Thompson, the former
Chairman of Civilian Content plc. The disposal was anticipated when we announced
our interim results and will realise a small profit for the Group.
Target's operating losses for the six months to 30 June 2004 were £581,000 on
turnover of £3.8 million with net liabilities at 30 June 2004 of £902,000.
CSS remains committed to the strategy of incorporating a television division to
develop and distribute programming which incorporates the personalities and
clients of companies within the Group. Reality based television, which has
become the focus of Target's production portfolio is not an ideal fit with the
assets that we have available to us. Therefore, it makes both financial and
strategic sense to focus our attention on other areas of television going
forward.
The proceeds from the sale will be used to reduce bank debt.
CSS intends to report its results for the year to 31st December 2004 on 16th
March 2005.
-Ends-
For further information contact:
CSS Stellar Tel: 020 7078 1400
Sean Kelly, Chief Executive
Kevin Rose, Finance Director
Buchanan Communications Tel: 020 7466 5000
Bobby Morse, Rebecca Skye Dietrich
Note to Editors:
CSS Stellar is a global sports and entertainment marketing group, delivering
creative solutions to clients worldwide in film, television, sports, publishing
and marketing.
This information is provided by RNS
The company news service from the London Stock Exchange
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