Osprey Communications PLC
4 October 2000
OSPREY COMMUNICATIONS PLC ('Osprey' or the 'Company')
Further re Disposal of Osprey Future Image Limited
('Future Image') and Osprey Advertising Scotland Limited
('Osprey Scotland')
Further to the announcement made on 6 September 2000, the
Company announces that it has terminated the negotiations
for the sale of Osprey Advertising Scotland Limited, a
subsidiary engaged in the provision of advertising and
marketing services. Following negotiations with the
management of Future Image, comprising the two executive
directors Sally Gardiner and Rosemary Hamilton, the terms
of the sale of Future Image have been revised. As a
result the Company competed the sale of the business,
assets and liabilities of Future Image (excluding debts
owing to the auditors, Deloitte & Touche, National
Westminster Bank plc, VAT and other group companies) on 2
October 2000. The total cash consideration payable is
£80,000 and will be settled as follows:
2 October 2000 £1
27 December 2000 £30,000
27 March 2001 £16,000
27 June 2001 £16,000
27 September 2001 £17,999
On 25 September 2000, Cargil Management Services Limited
resigned as Group Company Secretary. The Company is in
the process of seeking a replacement and intends to
appoint a Group Company Secretary shortly.
Following the sale of the business and assets of Osprey
London Limited ('Osprey London') on 6 September 2000, the
Company is proposing a creditors voluntary arrangement
and in this way, the Company believes that all the
creditors of Osprey London will get paid in full. A
letter to this effect was sent to all the creditors of
Osprey London on 25 September 2000.
The Directors expect to release the financial results for
the 18 months ended 31 March 2000 on 17 October 2000.