Information  X 
Enter a valid email address

Forever Broadcast (FOB)

  Print      Mail a friend

Friday 26 September, 2003

Forever Broadcast


Forever Broadcasting PLC
26 September 2003

Forever Broadcasting plc ('Forever' or the 'Company')

Disposal of Juice Liverpool

The Board of Forever is pleased to announce that it has this afternoon completed
the disposal of its Juice Liverpool radio station to Absolute Radio UK Limited
for a cash consideration of £3.1 million.  The net disposal proceeds will be
applied to reduce the Company's indebtedness to approximately £1.4 million.

Management accounts for Juice Liverpool record that in the year ended 30th
September 2002, Juice Liverpool made an adjusted operating loss of £0.76 million
and as at 30th September 2002 had net liabilities of £4.02 million.  Forever
does not produce separate statutory accounts for Juice Liverpool.

The disposal marks the completion of the first stage of the implementation of
the findings of the strategic review instigated by the Board at the start of the
current financial year.  The Board continues to evaluate proposals for the
disposal of the Company or its remaining assets.  Further announcements will be
made as appropriate.

The Directors believe that the prospects for the Company's remaining portfolio
of radio stations are strong and are confident that the results for the full
year to 30 September will demonstrate an acceleration of the substantial revenue
growth recorded for the first six months of the current financial year.
Management accounts for August show year to date, year on year revenue growth
(excluding Juice Liverpool) in excess of 40%.

Commenting on the Disposals John Josephs Chairman of Forever said:

'The receipt of the Juice Liverpool disposal proceeds has enabled Forever to
substantially reduce its indebtedness thereby allowing the Board to deliver
value to shareholders from a significantly stronger position. The operating
performance of the Company continues to improve and I believe that the trading
prospects for the Company's remaining radio stations are strong.'


Forever Broadcasting plc

John Josephs    0191 281 1222


Matt Davis   020 7488 1212

The Directors of Forever Broadcasting plc accept responsibility for the
information contained in this announcement and, to the best of their knowledge
and belief (having taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.
Robert W Baird Limited ('Baird'), which is regulated in the UK by the Financial
Services Authority, is acting exclusively for Forever Broadcasting plc and
no-one else in relation to a possible offer and will not be responsible to
anyone other than Forever Broadcasting plc for providing the protections
afforded to customers of Baird or for giving advice on this proposal.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                              

a d v e r t i s e m e n t